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...

PCAOB and SEC Meet with Chinese Regulators Regarding Audits

U.S. and Chinese regulators recently met in Beijing to discuss audit oversight cooperation. Those meetings are of particular interest in view of the questions which have been raised in recent months regarding the financial statements of Chinese issuers whose shares are traded in U.S. markets. Those...

Fights Worth Watching: Lehman Execs Spar over D&O Insurance, SEC Pursues Chinese Co. Auditor

A group of former executives of a Lehman Brothers subsidiary is seeking to block the bid by senior Lehman executives to use $90 million of the remaining D&O insurance proceeds to settle the cases pending against them. As discussed here , on August 24, 2011, the senior executives filed a motion...

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...

Cadwalader Clients & Friends Memo: New York Federal Court Refuses to Dismiss Chinese Company From U.S. Price-Fixing Case

In a decision filed on August 7, 2012, in a federal court in New York, a judge ruled that a Chinese company could not evade jurisdiction of the U.S. courts and must face the prospect of a trial for colluding to fix the price of vitamin C exported from China into the United States. Two Chinese subsidiaries...

Is China Giving Carte Blanche for Anti-Competitive Conduct by PRC Companies Doing Business Overseas?

by Yasue (Becky) Nao Koblitz and Ling Zhang On June 29, 2012, MOFCOM and other agencies issued a "Implementation Opinion" (which contains broad sweeping policy statements). PRC companies should be careful not to interpret this Opinion as carte blanche for anti-competitive behavior while...

Casino Industry Suffering From China Denial Syndrome

I warned at re: The Auditors in July that the U.S. Securities and Exchange Commission and the audit regulator, the PCAOB, were publicly ignoring more important implications of their restricted access to Chinese auditors than the delisting of Chinese companies or the invalidation of the audits of...

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...

More About Stories We're Following: Libor Scandal, FIRREA, Chinese Company Securities Suits

NCUA Files Libor Manipulation Antitrust Suit: Even though the federal judge presiding over the consolidated Libor antitrust litigation has granted the defendants’ motion to dismiss the antitrust claims, the federal credit union regulatory agency has filed a new action against Libor rate-setting...