Settlements reached in 2005 in securities litigation involving Enron and WorldCom highlighted the financial risks faced by outside directors of public companies. We argue elsewhere that Enron and WorldCom, as instances where directors made damages payments out of their own pockets, are and likely will remain exceptional in the United States.1 In this paper, we show that the risk of out-of-pocket payment is likewise very low on a cross-border basis, in both common law and civil law countries. The largest source of risk is efforts by government agencies to make an example of particular directors, even when the cost of doing so likely exceeds the financial recovery. We study Britain and Germany in depth and offer summaries of the position in Australia, Canada, France, and Japan. We find th...
..., or legal expenses personally, with procedural considerations often being pivotal (e.g. "loser pa...
Introduction. II. The Regimes for Detaining Terrorist Suspects Post 9/11. A. The United States. 1. The Creation of a Legal Vacuum. 2. The 2004 Supreme Court Cases. a) Hamdi. b) Padilla. c) Rasul. 3. Aftermath of the 2004 Cases. 4. After Hamdan. B. The United Kingdom. 1. Indefinite Detention Under the Anti-terrorism, Crime and Security Act 2001 (ATSCA). 2. The Aftermath of A v. Secretary of State. C. Canada. D. New Zealand. III. Differences in the Regimes for the Detention of Terrorist Suspects. A. Models of Detention: Terrorists as Criminals, Enemy Belligents, or Illegal Aliens?. 1. United States: The Quasi Law-of-War Model. a) The Expanding Notion of "Enemy Combatant". b) A Selective Understanding of the Law of War. 2. The Immigration Law Model. B. Executive Discretion Versus Legisl...
... also has had to determine the level of procedural safeguards to which terrorist suspects are entitle...
Since the Supreme Court of Canada decision in Whirlpool Corp. v. Camco Inc., 2000 SC... equally fatal in Canada and no direct procedural remedy exists to cure either branch. Due to this d...
Four Eastern European economies joined Poland in streamlining bankruptcy procedures. Latvia passed a new insolvency law in November 2007. Now financially distressed companies can choose to continue operating by pursuing reorganization. Like Poland, Latvia also tightened the qualification standards for bankruptcy administrators. So did Bosnia and Herzegovina. The Czech Republic's Insolvency Act took effect on January 1, 2008. The law introduces reorganization as the preferred method for resolving insolvency, mandates stricter deadlines, establishes an electronic insolvency register and sets new qualification standards for trustees. Expanding creditors' rights has been the most popular reform feature over the past 5 years (figure 11.5). Seventeen economies have empowered creditors: China,...
...The new law also tightens procedural time limits. And it gives creditors more power to ...In Canada, Ireland, Japan, Norway and Singapore foreclosure,...
...The court dismissed that claim as procedurally barred because he had failed to raise it at trial ...R. 387, 390 (Ct. App. Alberta (Canada)) (noting in dictum that the Convention "creates...
... obligation to ensure that rights of procedural due process are made available to individuals dire...(76) . Upon assessing the impact of the Canada's implementation legislation for the 1267 sanction...
... the application of different sets of procedural and substantive norms. For its intrinsic character... American Free Trade Agreement (NAFTA)--Canada, the US, and Mexico--have pledged to disclose all ...
This article examines the federal government's growing use of 18 USC § 1346 to prosecute public company executives for breaching their fiduciary duties. Section 1346 is a controversial but under-examined statute making it a felony to engage in a scheme "to deprive another of the intangible right of honest services." Although enacted by Congress over twenty years ago, the Supreme Court repeatedly declined to review the statute, until now. The questions before the Supreme Court are of particular interest to public company executives and their professional advisors. Traditionally, Delaware law has governed the content and enforcement of executives' legal duties, largely protecting public company fiduciaries from civil liability. Now, with the emergence of honest services fraud as a weapon ...
... to public company management with procedural rules devised to dispose of shareholder lawsuits a... extracted from Hollinger but, rather, from Canada, in the form of a tax benefit.415 On appeal, howev...
..., Kindler escaped and fled to Canada. The state trial court subsequently dismissed Kind...Held: A state procedural rule is not automatically “inadequate” under t...
... roles for USMC and Joint policy and procedural requirements for sustainment distribution includin... the Saint Lawrence Seaway Authority of Canada, oversees operations safety, vessel inspections, t...
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