Archives: International D & O

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Litigation Funding Firm Announces German Securities Action on Behalf of Volkswagen’s German Shareholders

The recent revelation that Volkswagen had been using a sophisticated software “defeat device” to rig the emissions performance of some of its diesel-engine base vehicles devastated the price of the company’s shares, leading to the filing of a securities class action lawsuit in the U.S. on behalf of purchasers of the company’s ADRs, as well … Continue Reading

A New U.K. Class Action Litigation Wave?

Is collective action litigation in the U.K. about to get a significant boost? That is the question many are asking as the new collective action regime introduced by the Consumer Rights Act of 2015 goes into effect on October 1, 2015. The Act’s provisions facilitate collective proceedings for competition law breaches before the Competition Appeal Tribunal (the … Continue Reading

Guest Post: Marshall Plan for D&O Policies in Germany

This blog’s primary focus is on developments in the directors’ and officers’ liability and insurance in the United States, but we do also try to cover important developments elsewhere. In the following guest post, Burkhard Fassbach, who is Of Counsel with the Dusseldorf based D&O-Specialist Law Firm Hendricks, and Niklas Rahlmeyer, who is an attorney … Continue Reading

Guest Post: D&O Insurance on the Agenda of Shareholders’ Meetings in Germany

In the following guest post, Dr. Burkhard Fassbach and Dr. Niklas Rahlmeyer imagine a possible shareholder presentation about D&O insurance at an annual meeting of shareholders in Germany.  Fassbach is an Of Counsel with the Dusseldorf based D&O-Specialist Law Firm Hendricks. Rahlmeyer is an attorney in the corporate practice group of the Dusseldorf office of … Continue Reading

Securities Litigation Developments Outside the U.S.: Interview with Shareholder Attorney Alexander Reus

Among the more interesting recent securities litigation developments outside the United States was the announcement earlier this month that institutional investors had reached a 11 billion yen ($92 million) settlement of shareholder lawsuits they had filed in Japan against Olympus. Among the many interesting details about the settlement was the involvement of global securities litigation … Continue Reading

Class Actions in Canada: A Critical Commentary

A number of countries have procedural mechanisms allowing groups of aggrieved parties to pursue their legal claims in the form of a collective action. While no other country has a class action mechanism quite like that of the United States, another country that also has well-developed class action mechanisms is Canada. However, unlike the United … Continue Reading

NERA Releases Canadian Securities Class Action Litigation Report

The number of securities class action lawsuit filed in Canada during 2014 was consistent with the recent annual average number of filings, and because case filings exceeded case resolutions, the aggregate total of unresolved class actions continued to grow during the year, according to a February 10, 2015 report from NERA Economic Consulting. According to … Continue Reading

Corporate Governance Reform in Japan

Japanese companies have not always had set the standard for corporate governance, but a current initiative of the current governmental administration is trying to change that. As part of ongoing  efforts to try to revitalize the Japanese economy, an advisory committee to the country’s Financial Services Agency (FSA) has introduced a draft proposed corporate governance … Continue Reading

Class Action Litigation Developments in Australia

There were a number of key class action litigation developments in Australia during 2014, according to a recent memo from the Jones Day law firm. Among other things, there were significant developments in particular in the securities class action litigation arena, according to the memo. The memo, which is entitled “Class Actions in Australia: 2014 … Continue Reading

Guest Post: U.S. Long Arm Jurisdiction Creates New Terrorism Headaches for Banks (Among Others!)

In prior posts (most recently here), I have noted the growing problems involved with the increasing willingness of U.S. regulators to exert their regulatory and enforcement authority outside of the U.S. In the following guest post, Francis Kean of Willis examines a recent decision by the United States Court of Appeals for the Second Circuit … Continue Reading

Guest Post: Evolutionary Change in the Liability of an Independent Director in India

  The recent Satyam scandal and ensuing litigation put the duties of independent directors under scrutiny.  The recently enacted Companies Act of 2013 addressed a number of issues relating to the duties and liabilities of independent directors.  In the following guest post, Burzin Somandy of Somandy & Associates in Mumbai takes a look at the … Continue Reading

Class Action Litigation in Latin America: Where We Are Now, Where We Could Be Headed

Among the features of the U.S. legal system that foreign observers often single out for concern is the availability of class action litigation procedures. The fact is, however, that many countries around the world have adopted some form of class action procedure, at least for consumer-oriented litigation. According to a recent report, Latin America is … Continue Reading

NERA: Canadian Securities Class Action Filings Steady in 2013

There were ten securities class action lawsuits filed in Canada in 2013, the same number as were filed in 2012 and only slightly below the annual average number of 11. 6 filings during the period 2006-2012, according to a February 19, 2014 report from NERA Economic Consulting entitled “Trends in Canadian Securities Class Actions: 2013 … Continue Reading

Guest Post: Addressing D&O Insurance in German Board Members’ and Managing Directors’ Management Services Agreements

A company’s obligations to its directors and officers with respect to the purchase and maintenance of D&O insurance is a topic of ongoing interest and concern for the individuals involved. In the following Guest Post, Burkhard Fassbach and Thilo Fleck take a look at this topic with a particular focus on the issues involving German … Continue Reading

Kiwi Supreme: Claimants’ “Charge” on D&O Insurance Blocks Payment of Directors’ Defense Costs

In a December 23, 2013 ruling that will be surprising and unwelcome to D&O insurers and their insureds in New Zealand (and perhaps elsewhere) , the New Zealand Supreme Court has reversed the holding of an intermediate appellate court and ruled that, by operation of a statutory “charge” on insurance in favor of third party … Continue Reading

The Brazilian Clean Companies Act

For those of you looking ahead to 2014, one date you will want to note on your calendar is January 29, 2014. That is the effective date of the Brazilian Clean Companies Act, a new anti-bribery statute that signals Brazil’s intention to crack down on corruption. The Act represents an operational and compliance challenge for … Continue Reading

Ontario Securities Suit Claimants Denied Leave to Proceed

Shareholder claimants seeking to pursue a misrepresentation claim under the Ontario Securities Act must obtain leave of court to proceed based on a statutory requirement that the plaintiff must show a “reasonable possibility that the action will be resolved at trial in favor of the plaintiff.” Ontario’s courts agree that this requirement sets a “low … Continue Reading

Canadian Courts Struggle With Jurisdictional Issues in Securities Suits

The question of when domestic securities laws provide remedies for investors who purchased their shares in foreign companies on foreign exchanges vexed U.S. courts for years until the U.S. Supreme Court sorted out the issues in Morrison v. National Australia Bank. But while the U.S. courts now have the  bright line standards of the Morrison … Continue Reading

Emerging Global Regulatory Enforcement and Cross-Border Collaboration

Among two of the most noteworthy recent global regulatory trends are the spread of anticorruption enforcement and the rise in cross-border enforcement collaboration. Both of these trends were evident in the Canadian government’s recent prosecution of the first individual ever convicted after trial under Canada’s equivalent to the FCPA, the Corruption of Foreign Public Officials … Continue Reading

Japanese Securities Litigation Trends: 2000-2012

The volume of misstatement-related securities litigation in Japan has “increased dramatically” since the 2004 revisions to Japanese securities laws, according to a June 2013 report from the consulting firm Alix Partners. The report, entitled “Recent Trends in Japanese Securities Litigation: 2000-2012,” can be found here. Even though misstatement-related securities suit filings in Japan were down … Continue Reading

UK Ministry Proposes Expanding Director Liability.

As part of its scheme to improve corporate transparency and director accountability, a UK government ministry has proposed what UK Business Secretary Vince Cable calls “tough measures” to “give the public greater confidence that irresponsible directors will face consequences for their actions.” These proposals, if adopted, could significantly increase UK corporate directors’ liability exposures in … Continue Reading