Breaking ranks with the highest courts of New York and Georgia, the New Jersey Supreme Court has extended the duty landowners owe workers for the foreseeable risk of asbestos exposure to the "spouses" of those workers as well -- based on the foreseeable risk of exposure from asbestos dust carried home on contaminated work clothing.

This notice summarizes the United States Patent & Trademark Office (USPTO) rules changes that were published on August 21, 2007 and that will become effective on November 1, 2007. In many instances, aspects of the new rules apply retroactively.

In past issues, we have discussed the growing use of nanotechnology in a wide array of consumer, medical, food and industrial products. Among other things, we’ve noted that the incorporation of nanoparticles — which may be as small as several molecules — into such products has led to expressions of concern by scientists and regulators about the safety of such novel substances, particularly when used in products intended for human consumption.

Since its enactment some 30 years ago, the Racketeer Influenced and Corrupt Organizations Act (RICO) has proved to be an unusually elastic litigation tool. In recent years, it has increasingly been used by private litigants to supplement traditional tort claims, or as a stand alone basis of liability -- thus transforming otherwise garden-variety product liability disputes into alleged federal racketeering violations.

On December 22, 2006, the SEC reproposed amendments to the rules that govern when a foreign private issuer may terminate the registration of a class of equity securities under Section 12(g) of the Securities Exchange Act of 1934 and the corresponding duty to file reports required under Section 13(a) of the Exchange Act, and when it may terminate its reporting obligations regarding a class of equity or debt securities under Section 15(d) of the Exchange Act.

On January 22, 2007, the SEC issued a final rule release¹ allowing an alternative method for issuers and other soliciting persons to furnish proxy materials to shareholders by providing shareholders with a notice of the availability of proxy materials and posting such materials on the Internet.

Foreign investors have a rare opportunity during 2006 to profit by buying "non-tradable shares" in Chinese companies that are partly owned by the government while such shares remain undervalued and then benefit from securities market reforms that will lead to conversion of the shares into tradable securities.

Weather derivatives are starting to make an appearance in the project finance market. Energy finance professionals need to be familiar with these risk mitigation tools and the creative ways that they can be used.

The Hague Convention on Choice of Court Agreements (the "Convention" or "Hague Convention") was concluded on June 30, 2005. At present, the Convention is only an agreement in principle but, if signed and ratified by enough countries, it may offer businesses a viable alternative to arbitration for resolving international commercial disputes.

Summary: The United States Supreme Court issued a significant ruling that may present challenges to the Securities and Exchange Commission in pursuing some federal securities fraud claims and may open up some defendants to costly state court class actions.

The prospect that oil prices might remain high for the foreseeable future is forcing both governments and the private sector to explore other sources of transportation fuels besides oil.

Seven northeastern states have taken a major step toward constructing the largest greenhouse gas emissions control program in the United States.

The International Finance Corporation proposed revisions in early August to some of the environmental guidelines with which it requires borrowers to comply if they want to borrow money from the IFC to finance projects in developing countries. Many private banks use same standards. The IFC is part of the World Bank.

The US Supreme Court limited the reach of the Securities Litigation Uniform Standards Act of 1998.

Some project developers in the United States have been trying to reorganize recently as "master limited partnerships" in an effort to create more value in their companies. The move also gives them an acquisition vehicle that can afford to outbid other companies for existing assets.

State programs to promote the development of renewable energy continue to multiply and evolve, presenting challenges, opportunities and some unexpected consequences for the US power market.

The US Environmental Protection Agency eliminated a requirement in May that gasoline must include an oxygenate fuel additive like ethanol and ETBE made from ethanol.

Some project developers in the United States have been trying to reorganize recently as "master limited partnerships" in an effort to create more value in their companies.

PIPE offerings are a relatively fast way for public companies to raise capital in a private placement without the cost and delay of an underwritten public offering. "PIPE" stands for "private investment in public equity."

On July 26, 2006, the Securities and Exchange Commission adopted amendments to the rules requiring disclosure of executive and director compensation, related person transactions, director independence and other corporate governance matters, and security ownership of officers and directors.