The ECJ has set out criteria for a jurisdiction clause in bond terms and conditions to bind an investor in those bonds.
July 18, 2016
Contract for sale of bonds was not sufficiently connected to England to displace a presumption that New York law applied.
The French double prosecution regime of market abuse (criminal and administrative) has been declared unconstitutional by a decision of the French Constitutional Council of 2015, although without relying on the ne bis in idem principle. An important reform of the French system for prevention of market abuse is now ongoing as a result.
Over the last few years, German banks have faced an increasing number of claims brought by German municipalities alleging that those banks breached their obligation to provide information when advising them on swap transactions. Those swap transactions were typically entered into by highly indebted municipalities and other public institutions, such as health clinics or municipal utilities, in an attempt rapidly to improve their finances. In many cases they suffered significant losses and took legal action against the advising bank. A similar trend has been seen in other European jurisdictions such as Italy and Norway.
Know-how and information are the currency of our knowledge economy and form valuable assets which need protection. Recourse to conventional intellectual property rights, such as copyright, design right and patents, is not always available for certain technical and business information, such as customer lists, trading algorithms, financial investment strategies, business plans, etc.
On 16 January 2016, the European Union and United States lifted a wide range of sanctions against Iran in accordance with the Joint Comprehensive Plan of Action (“JCPoA”). Importantly, “Implementation Day” under the JCPoA did not extend to all sanctions against Iran and there remains a mechanism for the reintroduction or “snapback” of the lifted sanctions in the event of Iran not meeting its ongoing commitments to comply with specific nuclear-related measures.
Noteholder litigation in the context of Commercial Mortgage-Backed Securitisation (“CMBS”) transactions is nothing new, whether brought directly by noteholders or via the note trustee. However, there has been a recent spate of cases brought by CMBS Class X noteholders alleging a miscalculation of the interest due under their notes and claiming all historical underpayments of such interest. These holders have often purchased their instruments relatively recently and at distressed prices and, in many cases, the issue of construction before the court is one that had not previously been apparent to any participant in the structure. In some cases, the relevant events are also so old that a claim for breach of contract would be outside the relevant limitation period. But this limitation period does not apply since the ultimate remedy sought is a declaration of an event of default.
On a foggy London morning in November 2015, the UK Supreme Court handed down its highly anticipated judgment on a no less foggy area of the law: penalty clauses. Heard in tandem, the appeals of Cavendish Square Holdings B.V. v El Makdessi and ParkingEye Ltd v Beavis  UKSC 67, gave the UK’s highest court its first opportunity to consider the penalty doctrine in over a century.
A right to draw down under a loan agreement was included within a freezing order.
At common law, a non-unionized employee can be dismissed without reasons if he or she is given reasonable notice or pay in lieu.
July 15, 2016
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