Legal and Financial Risk - January 2012

Hogan Lovells Legal and Financial Risk is a bi-monthly newsletter on recent legal developments that will impact on corporates and financial institutions.

The January 2012 issue includes:

  • Consent not to be unreasonably withheld -  In Porton Capital Technology Funds and others v 3M UK Holdings Ltd and another , it was held that the vendors of a business, who were paid partly on an earn-out basis based on future sales, had not unreasonably withheld their consent to the cessation of the business and were entitled to damages.
  • Foreign Corrupt Practices Act 1977 -  The United States Justice Department announced that its enforcement of the Foreign Corrupt Practices Act of 1977 passed an important new milestone. "This is the first time we've charged a board member of a Fortune Global 50 company with violating the FCPA",
  • Interest – a simple question? - On 12 January 2012, the Advocate General of the Court of Justice of the European Union released her Opinion in Littlewoods v HMRC (Case C-591/10).
  • Investors in a collective investment scheme gain access to information about poorly performing investments - In Inversiones Frieira SL and Inversiones Valea SL v Colyzeo Investors II LP and Colyzeo Investment Management Limited [2011] EWHC 1762 (Ch) investors in a collective investment scheme successfully applied for access to information about poorly performing investments made on their behalf by the scheme's investment manager.
  • FSA activity in December - It was a busy December for the FSA with several notable fines. The FSA also prosecuted Rupinder Sidhu in its sixth successful case of insider dealing. At the end of the year, the overall total of fines in 2011 reached £66 million.
  • Piercing the corporate veil -In VTB Capital plc v Nutritek International Corp, the Claimant sought to ‘pierce the corporate veil’ of the Defendants.
  • Hogan Lovells Litigation Benchmarker Survey - Against a backdrop of challenging economic conditions and increased regulation, the Hogan Lovells Litigation Benchmarker survey analyses the disputes landscape and the challenges facing in house counsel.

Read the full 'Legal and Financial Risk Newsletter – January 2012'

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