EUROPEAN PRIVATE EQUITY
European private equity fundraising hit €91.9 billion in 2017, the highest it has been since 2006. This record fundraising has led to a number of trends, including a continued rise in the levels of dry powder, the increasing prevalence of co-investments and a greater appetite for minority investments.
JAPAN TO ALIGN WITH GDPR
Japan and the EU have agreed to recognize each other’s data protection regimes as providing adequate protections for personal data. Once finalized, these “reciprocal adequacy” decisions will allow personal data to flow between companies in Japan and the EU without being subject to additional safeguards.
UTILITY-OWNED RENEWABLE ENERGY
As electric utilities begin to generate their own renewable energy rather than merely purchase it, new opportunities and challenges are coming into focus for developers, utilities and equipment suppliers alike, including a new interest in build-transfer agreements. The end result may be more renewable energy deployed — but under different ownership structures, with different challenges, risks and rewards for the players.
ATTRACTING COMMERCIAL CASES TO NEW YORK
New changes in the Commercial Division of the New York State Supreme Court address the concerns of clients litigating large-scale commercial disputes, including a focus on efficiency, reduced costs and the quality of judicial treatment. Through these changes, the court seeks to elevate its status as an attractive forum for domestic and international institutional clients litigating high-stakes complex disputes.
COLLECTIVE ACTIONS IN EUROPE
The “New Deal for Consumers” proposes to introduce an EU-wide compensatory redress mechanism to protect the collective interests of consumers. Despite 20 years of legislative activity and a set of 2013 recommendations on the topic, a harmonized approach to collective redress such as group or class actions does not currently exist throughout the European Union.
DERIVATIVE CLAIMS IN BANKRUPTCY
In CML V, LLC v. Bax, the Delaware Supreme Court held that creditors of a Delaware LLC lack standing to pursue derivative breach-of-fiduciary-duty claims, even if the LLC is insolvent or near insolvent. Recent developments promise to alter the landscape of committee-driven bankruptcy litigation in cases involving Delaware LLCs by significantly curtailing the ability of an official committee to assert derivative claims.
Failure to Report Adverse Events Results in Criminal Misbranding Settlement and Individual Liability
On December 10, 2018, Olympus Medical Systems Corporation and a former quality manager at the company pleaded guilty to violations of the Federal Food, Drug and Cosmetic Act. The case illustrates the seriousness of adverse event reporting obligations, the likelihood of the Food and Drug Administration and Justice Department pursuing criminal resolutions when patient safety is implicated, and the potential for FDA regulatory lapses to create meaningful risk for a company.
Federal District Court Dismisses CFTC Price Manipulation Claims and Resets the Standard of Intent Debate
A recent Southern District of New York decision, CFTC v. Wilson & DRW Investments, held that the intent standard for price manipulation or attempted manipulation claims under the Commodity Exchange Act requires a specific intent to create an artificial price, not merely an intent to affect price. The court rejected the CFTC’s legal theory that trading activity that is intended to influence price is per se illegitimate and by definition “artificial.”
Decisions, Decisions: Leading Cases on the Supreme Court's 2018 Business Dockett
Skadden partners highlight the most significant antitrust, arbitration, class action and SEC/misstatements cases on the Supreme Court's 2018 docket.