September 2012 archive

Government Crackdown is a Reminder for Businesses to Examine Credit Card Policies

There has been a lot of press (some of which is discussed in a prior post) about various government agency employees taking extreme liberties with their government issued credit cards.  Back in July 2011, the Senate approved a reform measure for additional controls and stricter penalties that is finally set by signature by President Obama. …

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Entire fairness standard in fairness opinions requires that the transaction be … well, fair.

In October 2011, Chancellor Strine of the Delaware Chancery Court awarded more than $1.2 billion in damages to publicly-traded Southern Peru Copper Corp. (“SPCC”) against its controlling parent, Grupo Mexico . The derivative lawsuit claimed that SPCC overpaid for Minera Mexico, a Mexican mining company that its parent wanted SPCC to purchase from the controlling …

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Federal Circuit Corrects Recurring Errors with the Entire Market Value Rule

In LaserDynamics v. Quanta Computer, Case No. 11-1440 (Aug. 30, 2012) the U.S. Court of Appeals for the Federal Circuit overturned an $8.5 million lump sum jury award and remanded the case for a new damages trial. The Federal Circuit addressed three issues of interest to the calculation of reasonable royalties. See this longer article …

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SEC Report Is Relevant To Litigators Presenting Financial Information

The Securities and Exchange Commission (SEC) recently released a report required by Section 917 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The study’s legislative mandate includes addressing: 1. the existing level of financial literacy among retail investors, including subgroups of investors identified by the Commission; 2. methods to improve the timing, content, …

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Whistleblower Emerges From Jail and Collects Over $100 Million Reward

Despite prior criticism that the IRS hasn’t been properly paying under it’s whistleblower reward program (discussed here), it recently awarded a record amount  of $104 million to Bradley Birkenfeld.  The reward derived from information he provided leading to the 2009 agreement by UBS to pay $780 million in fines, penalties, interest and restitution related to allegations that …

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