Supreme Court Issues Decision in Exxon Valdez Oil Spill Litigation

The U.S. Supreme Court released its opinion in the Exxon litigation today. The court held that the punitive damages awarded by the jury and subsequently reduced by the Ninth Circuit Court of Appeals are excessive based on maritime common law. In particular, the court held that the punitive damages should be equal to the compensatory damages, which the court recognized is $507.5 million in this case. (June 2008)

Reporting Foreign Accounts May Be Required by June 30

If you own or have signature authority over a foreign account, you may be required to file IRS Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts. The filing deadline is June 30—and extensions are not granted. (June 2008)

Supreme Court Issues Major Patent Decision

In a decision issued June 9, 2008, the U.S. Supreme Court addressed the doctrine of patent exhaustion, which provides that the initial authorized sale of a patented item terminates all subsequent patent rights to that item. (June 2008)

Change in Law Regulating Credit Card Receipts

On June 3, 2008, President Bush signed into law the Credit and Debit Card Receipt Clarification Act of 2007. The Clarification Act provides partial relief from liability to companies who printed expiration dates on customers’ credit and debit card receipts issued between December 4, 2004 and June 3, 2008. (June 2008)

Minnesota Legislative Update: 2008 Session Wrap-Up

The 2007–2008 legislative session officially ended Sunday, May 18. Results of the session include passage of bills to balance the state budget, provide bonding for state projects, fund transportation initiatives and reform health care. The omnibus tax bill was also passed. (May 2008)

Simpler, Cheaper, Quicker – New AAA guidelines for International Arbitrations

The original purpose of arbitration was to provide a simple, quick and cost-effective method (outside the formality of the court system) for resolving commercial disputes. The attraction of arbitration for international commercial disputes was further driven by the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”), which has given arbitration awards (unlike court judgments) almost global enforceability. (May 2008)

Update on Development of Pan-European Pensions

Employers considering pan-European pension plans should be aware of a recent report issued by the Committee of European Insurance and Occupational Pension Supervisors on IORP Directive 2003/41/EC. The report provides an overview on interpretation and implementation differences across member states and concludes that clarification is required in certain areas. In other developments, a Department of Labor opinion has cleared the way for U.S. pension plan participation in cross-border pension pooling vehicles. (May 2008)

New Litigation Risk: Foreign-Based Employee Permitted to Sue Under Sarbanes-Oxley

Employees working overseas for U.S. companies may be permitted to file litigation in the United States under a decision rendered February 5 in the U.S. District Court for the Southern District of New York. The decision in O’Mahony v. Accenture Ltd. and Accenture LLP also specifically permits application of anti-retaliation provisions of the Sarbanes-Oxley Act to a foreign national employed in a foreign country. U.S. companies with foreign operations should understand the potential ramifications of this decision. (May 2008)

Time for Challenging an Arbitration Award

The extent of the residual jurisdiction of the courts to interfere with the awards of arbitrators has always been the subject of much debate between those who believe that the court should have ultimate control and those who argue for finality of awards and the consequent absence of any right of appeal. In England, the balance is struck by allowing appeals and court control of arbitrations in the limited circumstances set out in section 67 (lack of Jurisdiction), section 68 (serious irregularity) and Section 69 (appeal on point of law) of the Arbitration Act 1996. One of the many factors limiting the involvement of the court in reviewing awards is the need under section 70(2) for the application to be made within 28 days of the award. Section 80(5) gives the Court a discretionary power to extend this time limit. (May 2008)

LNG Projects: All in Agreement

Liquefied Natural Gas ("LNG") projects are unique in the sense of the significant capital requirements required to set up the infrastructural elements of an LNG trade and the long term supply and demand necessary to make the project viable. The amounts of money involved are big even for the energy industry. (April 2008)

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