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Ninth Circuit Panel Rejects Duty to Correct Pre-class Period Statements; Affirms Dismissal of Yahoo! Securities Litigation
In re Yahoo! Inc. Securities Lit., No. 12-17080 (9th Cir. 5/15/2015) (unpublished), the Court of Appeals for the Ninth Circuit affirmed dismissal of a class action securities fraud complaint that was based upon alleged misstatements or omissions concerning Yahoo's investment in the Alibaba Group online & mobile marketplace (www.alibabagroup.com/en/global/home). Read More ›
From Bad to Worse: Appeals Court Affirms Class Certification for the Count Defendant Appealed, and Orders Class Certification of Two Other Counts that had been Denied
The Court of Appeals of Indiana recently decided an interlocutory appeal on class
certification from the Allen County Circuit Court, applying portions of Indiana
Trial Rule 23 that track the federal rule. Read More ›
Dow Chemical, Tyson Foods, Wal-Mart and Allstate Insurance: Will SCOTUS Clean Up its Class Action Mess?
Will the Supreme Court reiterate its findings in Dukes and Comcast in 4 cases pending before it? Read More ›
The Financial Services Blog offers the latest information on banking development and litigation trends. Topics range from commercial and consumer lending through bankruptcy, lender liability defense, and the Dodd-Frank Act through Regulations JJ.
Developments in the Rules Governing Personal Identifiable Information May Have Unexpected Consequences for Lenders And Other Businesses.
Much has been written of late about data breaches and the liabilities for the unauthorized acquisition of Personally Identifiable Information (PII) from institutions, including financial institutions. But what about when the alleged “breach”--the release of information --is voluntarily and/or legally compelled? What are the risks for creditors who take collateral, in security for the repayment of debt, containing PII data? What are the risks to businesses when they transfer assets that include PII? What liabilities do they face? What are the rights of customers? Read More ›
Many banks are now evaluating the pros and cons of using the new “.bank” domain. For those not already in the know, rather than continuing to use the generic “.com” domain, qualifying banks can soon switch to a more descriptive .bank top-level domain name. For example, a bank’s website address might read www.XYZinstitution.bank, rather than www.XYZinstitution.com; and its emails name.employee@XYZinstitution.bank. In 2012, fTLD Registry Services, LLC (formed by the Financial Services Roundtable and the American Bankers Association) applied to ICANN for the right to issue and manage the .bank generic top-level domain names. On September 25, 2014, fTLD was granted these rights, and it promptly established a roll-out schedule for the issuance of the .bank domain name. For those few financial institutions who hold registered trademarks in their names, open enrollment began last Sunday, May 17, 2015. For all the other banks, those without registered trademarks, general availability enrollment will begin at 8:00 pm, EDT, on June the 23rd. Read More ›
Does your company lease point-of-sale (POS) credit card terminals to customers in Tennessee? Or, are you a Tennessee merchant who accepts credit or debit card sales? If so, your company will want to be aware of a new Tennessee law that regulates POS terminal contracts. Read More ›
The International Services Group Blog is a resource for business leaders within the international commerce industry. Frost Brown Todd's international lawyers discuss the latest challenges for international trade and regulation, as well as solutions for those challenges.
In February 2015, China’s State Administration of Foreign Exchange (SAFE) simplified procedures for foreign investors in certain respects. This is another step forward in making foreign direct investment into China less time consuming and bureaucratic. The two most important measures were these:
- Revocation of foreign exchange registration with SAFE – this can now be accomplished directly with qualified banks. SAFE will take on an indirect supervisory role through its supervision of FDI-related foreign exchange of the banking sector. How this will unfold in practice remains to be seen, so watch for the implementation of CXircular 13 to commence on June 1.
- Revocation of the registration requirement to confirm a foreign investor’s investment when it acquires an equity interest owned by a Chinese party - this relates to both cash and non-monetary forms of acquisition. The practical effect should be to provide more flexibility to contracting parties in the timing and price adjustments possible for acquisitions of interests of Chinese equity holders by foreign purchasers.
Foreign investment projects in the People’s Republic of China (“PRC”) are approved on a case-by-case basis. The approval is principally driven by the “Three Laws on Foreign Investments”: the Sino-Foreign Equity Joint Venture Enterprise Law (“Equity Joint Venture Law”), the Wholly Foreign Owned Enterprise Law (“WOFE Law”), and the Sino-Foreign Cooperative Joint Venture Enterprise Law (“Cooperative Joint Venture Law”). Read More ›
The China Council for the Promotion of International Trade/China Chamber of International Commerce (or “CIETAC”), a leading arbitral body in China, recently amended its Arbitration Rules. While some of the amendments and additions are relatively minor, the changes provide for several new options to parties who use CIETAC for arbitration. Read More ›
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