In geopolitical terms, there has been nothing to compare with 2016 since the end of the Cold War. Neither Brexit nor the election of President Trump was expected. The potential impact of either event, let alone both, could reasonably be anticipated to have given rise to inertia, confusion and uncertainty. In fact, M&A has been remarkably robust. Although global M&A value tumbled by 18% in 2016, the number of deals remained constant. Overall, 2016 was similar in value and volume to...

As announced, UK Prime Minister Theresa May today lodged with the EU Council a notification under Article 50(2) EU Treaty, i.e. the UK's formal notification of its intention to withdraw from the EU. This notification triggers a two-year period for negotiations between the UK and the rest of the EU which should culminate in a withdrawal agreement. Failing such an agreement, the UK will leave the EU by operation of law after the two years, unless that period is...

The U.S. Department of Justice (DOJ) has appealed one of the two federal court injunctions issued in response to President Trump's revised travel ban executive order. This executive order, Protecting the Nation from Foreign Terrorist Entry into the United States (the “Order”), was to take effect on March 16, 2017.  The implications of the Order are described here. President Trump issued this revised order on March 6 after the U.S. Court of Appeals for the Ninth Circuit enjoined the initial executive...

Summary: On March 22, 2017, the Supreme Court issued its opinion in Star Athletica, LLC v. Varsity Brands, Inc., No. 15-866.  In a 6-2 decision, the Court held that decorative elements of a cheerleader’s outfit were separable from the functionality of the underlying garment and thus eligible for protection under copyright law.  Justice Thomas wrote the majority opinion, with Justice Ginsburg concurring in the outcome, and Justices Breyer and Kennedy dissenting.  Specifically, the Supreme Court held that “a feature incorporated...

On March 21, 2017, the U.S. Supreme Court confirmed that "laches" is not a defense to infringement during a statutory damages period set by Congress in SCA Hygiene Products Aktiebolag v. First Quality Baby Products, LLC.1 Laches is an equitable defense to an infringement claim that bars recovery by the plaintiff when the plaintiff unreasonably delays in seeking relief. The Supreme Court addressed similar laches arguments in Petrella v. Metro-Goldwyn-Mayer, Inc.,2 where it decided that a claim filed within...

ING Groep N.V. ("ING") today published the proxy materials for its annual General Meeting (AGM), to be held on Monday, 8 May 2017, in Amsterdam. The proxy materials, including the agenda for the AGM, are available on the ING website (www.ing.com/agm). As announced on 14 March 2017, the agenda for the AGM includes the proposal to appoint Koos Timmermans and Steven van Rijswijk as members of the Executive Board. Upon appointment they will also be members of the Management Board...

Effective April 6, 2017, new Gender Pay Reporting regulations to address the gender pay gap1 (the “Regulations”) come into force in Great Britain. The Regulations are intended to address the pay gap between men and women by requiring large employers to calculate and publish certain gender pay information annually.   What is a “relevant employer”? Any private sector employer in Great Britain (England, Scotland and Wales) with at least 250 “employees” on the “snapshot” date of April 5 of each year is a...

The Luxembourg Act of 10 August 1915 on commercial companies (the "Act",) as recently amended by the Act of 10 August 2016 modernising Luxembourg company law, now contains specific rules on the conversion of companies with legal personality from one corporate form to another. The main purpose of the new provisions is to protect shareholders, in particular from a potential increase in their obligations, and safeguard the rights of third parties. New Section XV quarter (Articles 308bis-15 to 308bis-26) has...