18 May
Member News

Defend Trade Secrets Act Creates Federal Question Jurisdiction for Victims of Trade Secret Theft

Last week, President Barack Obama signed the Defend Trade Secrets Act of 2016 (DTSA) into law.  The bill received overwhelming bipartisan support in Congress, passing in the House of Representatives by a vote of 410-2 and in the Senate by a vote of 87-0.  In a nutshell, The DTSA creates a federal private right of action for trade secret misappropriation under the federal Economic Espionage Act of 1996 (EEA), which provides for the federal criminal prosecution of trade secret...

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18 May
Member News

U.S. Supreme Court Holds Not Every Violation of a Federal Statute is a Ticket to File a Federal Court Lawsuit

On May 16, 2016, the U.S. Supreme Court issued its long-awaited opinion in Spokeo, Inc. v. Robins, a case raising the procedural question whether any and all violations of a federal statute are sufficient for a plaintiff to file a lawsuit in federal court (i.e., satisfy the “injury-in-fact” requirement for standing under Article III of the U.S. Constitution).  Reversing the Ninth Circuit’s ruling for the plaintiff, the majority declared that, although Congress has a vital “role in identifying and...

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18 May
Member News

New OT Regs About to be Published: Employers to Face a Dramatic Increase in Minimum Salary Requirement for Major Exemptions

The new minimum salary level for the executive, administrative, and professional employee exemptions under the Fair Labor Standards Act (FLSA) will be $913 per week, or $47,476 per year, under final regulations that will be released on Wednesday, May 18, 2016, by the U.S. Department of Labor (DOL). This new salary threshold—which will become effective on December 1, 2016—more than doubles the current minimum salary level of $455 per week, or $23,660 per year, and will have a dramatic...

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18 May
Member News

Orrick Ranked Among Top Ten Bankruptcy Law Firms

The Deal has once again recognized Orrick as a Top Ten Bankruptcy Law Firm in its Q1 2016 Bankruptcy League Tables. After being named to the top ten in each quarter last year, Orrick extended the streak by gaining one spot in the rankings (now #7). During a busy Q1 period, Orrick advised several clients on a diverse blend of bankruptcy matters, with a particular emphasis in the areas of distressed energy, municipal debt and cross-border restructurings. The Deal’s Bankruptcy League...

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18 May
Chapter News

EU-wide cybersecurity rules adopted by the Council

On 17 May 2016, the Council formally adopted new rules to step up the security of network and information systems across the EU. The network and information security (NIS) directive will increase cooperation between member states on the vital issue of cybersecurity. It lays down security obligations for operators of essential services (in critical sectors such as energy, transport, health and finance) and for digital service providers (online marketplaces, search engines and cloud services). Each EU country will also be...

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18 May
Chapter News

Manipulation of market benchmarks: Council adopts tougher rules

On 17 May 2016, the Council adopted new rules aimed at ensuring greater accuracy and integrity of benchmarks in financial instruments.  The regulation sets out to restore trust in indices used as financial benchmarks, following manipulation scandals in recent years. The aim is to enhance the robustness and reliability of benchmarks, thereby strengthening confidence in financial markets. Benchmark manipulation  Recent cases of manipulation of interest rate benchmarks such as Libor and Euribor have highlighted the importance of benchmarks and their vulnerabilities. The...

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18 May
Member News

Trepp LLC: Property Type Snapshot: Retail 2016

The retail sector has been the subject of grim headlines since the recession. Lately, Sears, JC Penney, Sports Authority, Macy’s, Aeropostale et al. have announced either more store closures or total liquidation. There have been some heavy losses on regional malls in secondary and tertiary markets while Ecommerce has dramatically changed and will continue to shape the industry. The oft-scorned millennial generation spends more on rent and student debt than consumer goods. They also prefer to shop, and do pretty...

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18 May
Chapter News

Spring 2016 European Semester package: Commission issues country-specific recommendations

Member States are making progress with reforms and addressing macroeconomic imbalances, but more is needed to consolidate Europe's recovery. The European Commission today proposes its 2016 country-specific recommendations (CSRs), setting out its economic policy guidance for individual Member States for the next 12 to 18 months. In addition to efforts already identified and ongoing at European level, this guidance focuses on priority reforms to strengthen the recovery of Member States' economies by boosting investment, implementing structural reforms and pursuing fiscal...

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16 May
Chapter News, New York Related News

New York City And Milan Launch Business Exchange To Connect Local Companies To International Opportunities And Markets

Second Exchange Program, After Paris, to Launch as Part of NYCEDC’s Global Business Exchange The Milan New York Exchange Program Builds upon Both Cities’ Shared Commitment to Global Entrepreneurship and Inclusion New York City Economic Development Corporation (NYCEDC) President Maria Torres-Springer today announced the opening of applications for the NYCEDC Global Business Exchange with Milan. The Exchange will provide New York City companies with access to business opportunities in Milan, Italy, and help Milan-based companies expand their footprints in New York...

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16 May
Chapter News

Recap: High-Level Meeting on Cybersecurity

As part of the Netherlands Presidency of the Council of the European Union, a two-day meeting of senior civil servants was held on the subject of cybersecurity. On Thursday, State Secretary for Security and Justice Klaas Dijkhoff opened the conference by talking with a robot on opportunities and risks associated with cybersecurity. On 12 May, over 30 private parties signed a Coordinated Vulnerability Disclosure Manifesto, an initiative of Rabobank and the CIO Platform. By concluding this manifesto, the private parties...

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