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  • Article

    Class & Collective Action Newsletter - July 2019

    Welcome to the July 29, 2019 edition of our Class & Collective Action Group Newsletter, a briefing on recent developments in the class and collective action space.
    United StatesLitigation, Mediation & Arbitration
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Class & Collective Action Newsletter - July 29, 2019

    Welcome to the July 29, 2019 edition of our Class & Collective Action Group Newsletter, a briefing on recent developments in the class and collective action space.
    United StatesLitigation, Mediation & Arbitration
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
Article

Implications Of U.S. Court Of Appeals Decision Affirming That Petróleos de Venezuela, S.A. Is The Alter Ego Of The Republic Of Venezuela

On July 29, 2019, the United States Court of Appeals for the Third Circuit addressed when a judgment creditor of a foreign state may satisfy its judgment by attaching assets of that sovereign's
United StatesLitigation, Mediation & Arbitration
Cleary Gottlieb Steen & Hamilton LLP
Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Federal Reserve Curtails Stock Buybacks And Caps Large Bank Dividends

    On June 25, the Federal Reserve released firm-specific results from the Dodd-Frank Act Stress Tests and the Comprehensive Capital Analysis and Review...
    United StatesFinance and Banking
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Hertz Pursues Novel Theory To Hold Former Management Team Personally Liable For Restatement And Ensuing Legal Proceedings

    In late March 2019, the Hertz Corporation and Hertz Global Holdings, Inc., filed two complaints against its former CEO, CFO, General Counsel and a group president seeking recovery of $70 million in incentive payments ...
    United StatesCorporate/Commercial Law
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Changes To The German Foreign Direct Investment Control Regime Take Shape Amid The COVID-19 Crisis

    Even before the COVID-19 pandemic, the German Federal Ministry of Economics and Energy (Bundesministerium für Wirtschaft und Energie – BMWi), led by federal minister Peter Altmaier.
    United StatesGovernment, Public Sector
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Second Circuit Affirms Applicability Of Section 10(b)'S Heightened Pleading Standard On Wrongdoing Underlying Misstatement Or Omission

    On December 10, 2019, the Second Circuit, in Gamm v. Sanderson Farms, held that when a securities fraud complaint alleges that statements were rendered false or misleading
    United StatesAntitrust/Competition Law
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Rough Justice: Third Circuit Holds Subordination Agreements May Be Superseded In Cramdown

    A senior creditor can't always get exactly what it wants, or what it thought was owed under a subordination agreement, according to the U.S Third Circuit Court of Appeals...
    United StatesInsolvency/Bankruptcy/Re-Structuring
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    CFTC Issues Final Interpretive Guidance On Actual Delivery For Digital Assets

    On March 24, the Commodity Futures Trading Commission ("CFTC") released its Final Interpretive Guidance on Actual Delivery for Digital Assets ("Final Interpretation"), addressing longstanding questions...
    United StatesFinance and Banking
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Court Of Appeal Rejects Challenge To U.K.'s First Unexplained Wealth Order

    The English Court of Appeal has dismissed an appeal[1] against a decision of the High Court that upheld the U.K.'s first Unexplained Wealth Order (the "UWO").
    United KingdomCriminal Law
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Federal Reserve Announces Expansion And Clarifications Of Main Street Lending Facilities

    Yesterday, the Federal Reserve announced a new Main Street Priority Loan Facility and modifications to the Main Street New Loan Facility and Main Street Expanded Loan Facility.
    United StatesCorporate/Commercial Law
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    CMA Ramps Up Merger Control Enforcement Ahead Of Brexit

    The UK's Competition and Markets Authority (CMA) is strengthening its approach to merger control as it prepares for its new status as a global enforcer with expanded jurisdiction.
    United KingdomCorporate/Commercial Law
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    11th Circuit Confirms That Bribes Paid To Employees Of State-Owned Or Controlled Companies Violate The U.S. Foreign Corrupt Practices Act

    The anti-bribery provisions of the FCPA prohibit payments to "foreign officials", which includes employees of a foreign government or an "instrumentality" of a foreign government.
    United StatesCriminal Law
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Agencies Finalize Elements Of Volcker 2.0

    On August 20, 2019, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency approved a Final Rule adopting key changes to the proprietary trading
    United StatesFinance and Banking
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    The Gig Is Up? COVID-19 & Remote Work Trend Toward Growth In Gig Labor*

    The COVID-19 pandemic is likely a watershed moment for the traditional structure of America's business workforce. Although there is much uncertainty and opaqueness about
    United StatesCoronavirus (COVID-19)
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Class & Collective Action Newsletter - August 12, 2019

    Welcome to the August 12, 2019 edition of our Class & Collective Action Group Newsletter, a briefing on recent developments in the class and collective action space.
    United StatesLitigation, Mediation & Arbitration
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    SDNY Holds Syndicated Loans Are Not Securities, Rejecting Challenge That Threatened To Disrupt $2 Trillion Market During COVID-19 Crisis

    The syndicated loan market is a crucial component of capital formation in the United States, comprising a net volume of $2.4 trillion in 2019.
    United StatesCorporate/Commercial Law
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    Prudential Regulators Amend Non-Cleared Swap Margin Requirements

    On June 25, 2020, the Board of Governors of the Federal Reserve, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, and the Office of the Comptroller of the Currency ...
    United StatesFinance and Banking
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    COVID-19: The Effect On Refugees

    Although the COVID-19 pandemic may be the most recent crisis to strike the international community, the global refugee crisis is ongoing and critical.
    United KingdomCoronavirus (COVID-19)
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
  • Article

    The UK Implements The EU Antitrust Damages Directive

    The Damages Directive seeks to promote private enforcement of EU competition law before national courts across the European Union (the "EU").
    United KingdomAntitrust/Competition Law
    Cleary Gottlieb Steen & Hamilton LLP
    Cleary Gottlieb Steen & Hamilton LLP
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