Legal Updates

Fradrag i erstatning for tabt arbejdsfortjeneste

Højesteret har den 20. december 2013 afsagt dom i en principiel sag om, hvilke forsikringsydelser der kan trækkes fra ved beregningen af krav på tabt arbejdsfortjeneste efter erstatningsansvarsloven.

Sagens faktum

Et forsikringsselskab skulle som ansvarsforsikringsselskab for en bilist udbetale erstatning, herunder tabt arbejdsfortjeneste, til skadelidte. Som følge af ulykken fik skadelidte udbetalt et månedligt beløb fra sin egen erhvervsevnetabsforsikring (en livrente/invalidepension).

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OSHA Forecast – 5 Important OSHA Issues to Monitor in 2014 (#2 – Enforcement Focus on Temporary Workers)

By the national OSHA Practice Group at Epstein Becker & Green

As we closed the book on 2013 — a truly remarkable year of OSHA enforcement and regulatory activity — we look to the future, and think about what to expect from OSHA in 2014.  Over the next couple of weeks, we will roll out what we believe are the 5 most significant OSHA developments to monitor in 2014.

If you are interested in how accurate our past predictions have been, take a look at these articles from December 2011 forecasting five OSHA developments for 2012 and from December 2012 predicting three developments from OSHA in 2013.

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Data Privacy and Cybersecurity Alert: Detroit’s employees confront data breach

In an unfortunate twist, as City of Detroit employees struggle with a city in bankruptcy, they have just learned that many of them have had their personal information exposed. On March 3, 2014, the City of Detroit announced that it recently experienced a data breach involving files that contained personally identifiable information of a large number of city employees. The city also stated that it is taking “significant measures” to inform affected employees of the breach.

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U.S. Bankruptcy Court Exposes Plaintiff Scheme To Suppress Asbestos Exposure Evidence

On January 10, 2014, the Hon. George R. Hodges, United States Bankruptcy Court for the Western District of North Carolina, handed down a decision that promises to be a “game changer” for asbestos manufacturers facing potentially crushing mesothelioma death claims. Top Bloomberg BNA Toxics Law reporter, Perry Cooper, discussed the decision and its potential ramifications in her recent article titled, “Sides Fiercely Divided Over Impact of Garlock Asbestos Bankruptcy Court Order” (2/26/14).

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OTCQX Drops DTC Requirement, Adopts Sponsor and Disclosure Rules

On February 13, 2014, OTC Markets Group published proposed amendments to the OTCQX Rules for U.S. Companies and OTCQX Rules for International Companies. The OTCQX marketplace is the premier tier of the U.S. over-the-counter markets operated by OTC Markets Group and is a preferred alternative to trading on the U.S. OTCBB.

One of the most significant changes is the closer alignment of the roles of the Designated Advisor for Disclosure (the “DAD”) for U.S. companies and the Principal American Liaison (the “PAL”) for international companies. The OTCQX Rules require that every issuer be sponsored by either a DAD or a PAL, which are approved third-party investment banks or law firms.

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TSX Requires Majority Voting Policy

The Toronto Stock Exchange (“TSX”) recently amended its corporate finance manual to require each issuer to adopt a majority voting policy for its first fiscal year ended on or after June 30, 2014.

Under corporate law, a shareholder can only vote for a director or withhold their vote; they cannot vote against a director. As such, the directors with the most votes get elected, even if a majority of shareholders withheld their vote with respect to that director. A majority voting policy requires any director that is not elected by at least a majority of the votes cast with respect to his or her election to tender their resignation to the company. The company must decide within 90 days whether to accept the resignation, which it should do absent exceptional circumstances. The listed issuer must promptly issue a news release with the board’s decision, a copy of which must be provided to the TSX. If the board determines not to accept the resignation, the news release must fully state the reasons for that decision.

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Can an Agreement to Negotiate in Good Faith be Enforced?

It has long been considered at law that an agreement to negotiate is not a true agreement and cannot be enforced. That may be changing.

In Molson Canada 2005 v. Miller Brewing Company1, Molson was seeking injunctive relief to prevent Miller from terminating a licensing agreement Miller had with Molson. Since 2010, Molson had failed to meet the targets set by the licensing agreement, as the volume of some Miller brews sold each year in Canada had declined. Given the changing Canadian beer market, the parties attempted to renegotiate the terms.

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ATO private ruling overturned

Introduction

Does the ATO have priority over secured creditors in a liquidation? Is a receiver required to account to the ATO for any tax payable out of funds received on the sale of an asset before accounting to the secured creditor? Are receivers and liquidators personally liable for the tax payable from funds received by them? Can receivers and liquidators avoid such personal liability by distributing funds received to creditors before a tax assessment arises? These issues were at the centre of a Federal Court judgment handed down on 21 February 2014. More…

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D Day for education requirements

Introduction

The D Day for the finance industry to comply with ASIC’s guidance in RG206 regarding qualifications and ongoing training is rapidly approaching – 30 June 2014.  Is your business ready? More…

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ACCC’s 2014 enforcement priorities

On Friday 21 February 2014, the Australian Competition and Consumer Commission (ACCC) released its 2014 Compliance and Enforcement Policy (2014 Policy).  The 2014 Policy provides a valuable insight into the ACCC’s enforcement priorities for the forthcoming year and, based on past experience, it is reasonable to expect that much of the ACCC’s enforcement activity in the immediate future will be in the areas identified in the 2014 Policy.  Accordingly, the 2014 Policy highlights areas of high competition and consumer law regulatory risk for businesses. More…

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