LexisNexis® Legal Newsroom
Heat Wave Quick Hits

With the temperatures reaching mind-bending levels, we considered it advisable to stay inside, drink plenty of fluids, and limit our exertions. So in lieu of a more elaborate post, we have simply noted some mid-summer quick hits below. Action against U.S.-Listed Chinese Companies Auditors Allowed...

More Woes for Companies with Chinese Connections

SciClone Settles FCPA Follow-on Derivative Suit : In a settlement that involves a company with significant Chinese operations -- and that also may represent something of a template for the settlement of FCPA enforcement follow-on civil lawsuits -- SciClone Pharmaceuticals and the individual defendant...

SciClone FCPA Lawsuit Settlement: New Enhanced Best Practices?

In a story in the D&O Diary , entitled " More Woes for Companies with Chinese Connections ", Kevin LaCroix discussed the settlement reached by the entity SciClone Pharmaceuticals, and its individual defendant directors and officers, in litigation involving three consolidated derivative...

E&Y Settles Ontario Sino-Forest Securities Suit for $117 Million

In what is by far the largest settlement in the current wave of securities litigation involving Chinese companies, Ernst &Young, which served as the outside auditor for Sino-Forest, has agreed to pay C$117 million to settle the securities suit that Sino-Forest investors filed in Ontario against...

Big Award in Chinese Reverse Merger Case

In what appears to be the first actual judgment in the several dozen cases involving allegations of impropriety in cases of Chinese companies that went public in the US, a $77 million arbitration award was granted to a plaintiff in an arbitration case in Hong Kong. AIG CEO Hank Greenberg's...

Securities Suit Against U.S.-Listed Chinese Company Dismissed

In a January 22, 2013 opinion ( here) , Southern District of New York Judge J. Paul Oetken has dismissed one of the many securities class action lawsuits that were filed against U.S.-listed Chinese companies in 2011. Though the primary interest in the case may be that it involves U.S. securities...