Ninth Circuit Validates a Theory of Extraterritorial Antitrust Regulation in Global Price-Fixing Case
It is not easy for the foreign victims of global price-fixing schemes to assert viable claims under U.S. antitrust law, even when the conspiracy in question also affects U.S. markets. In a recent case, though, the Ninth Circuit vacated an order of summary judgment against the foreign purchasers of price-fixed goods, concluding that they had…
Continue ReadingExtraterritoriality in Flux
Earlier this month, at the annual meeting of the Association of American Law Schools, TLB Editors Maggie Gardner, Bill Dodge, and Hannah Buxbaum participated in a panel organized by the Section on Conflicts of Law entitled “Extraterritoriality in Flux.” This post summarizes their remarks. Maggie Gardner: It’s Time to Look Beyond the Presumption Against Extraterritoriality…
Continue ReadingA Primer on Antisuit Injunctions
The antisuit injunction, which blocks a party from initiating or pursuing litigation in a foreign court, is a powerful tool in the judicial arsenal. Courts issue these injunctions, under appropriate circumstances, to prevent the development of parallel proceedings. They can also be used to prevent a party from taking action in a foreign forum intended…
Continue ReadingHappy New Year!
TLB will be on break until January 6, 2026. We wish you all the best in the new year!
Continue ReadingToshiba ADR Investors in a Catch-22
A recurring challenge in defining the geographic scope of U.S. securities law is how to characterize non-exchange-based transactions in American Depositary Receipts (ADRs). Under the Supreme Court’s Morrison test, such transactions have to qualify as “domestic” to trigger the application of U.S. law. If they don’t, the assumption is that investors would have to litigate…
Continue ReadingCivil Contempt Orders Against Non-Parties in Parallel Proceedings
Among the challenges U.S. courts face in managing parallel litigation is enforcing any anti-suit injunctions they might order. In this regard, one of the most important enforcement tools they have at their disposal is the power to impose contempt sanctions in response to violations of their orders. The authority of a court to hold the…
Continue ReadingChoice of Law in Shareholder Derivative Litigation
U.S.-based investors hold trillions of dollars in equity of foreign companies. In the event of corporate wrongdoing, those investors may want to initiate shareholder derivative litigation in the United States against the managers of those corporations. This form of litigation is brought on behalf of the corporation itself rather than as a direct action. Derivative…
Continue ReadingSDNY Grants Anti-Suit Injunction Against TV Azteca
For the past several years, parallel litigation has been ongoing in Mexico and the United States between the Mexican media conglomerate TV Azteca, S.A.B. de C.V. and The Bank of New York Mellon (BNY), the Indenture Trustee for a series of TV Azteca’s unsecured notes. Two weeks ago, Judge Paul G. Gardephe (SDNY) granted BNY’s…
Continue ReadingMaximum Comity: Recognition of Foreign Proceedings Under the Bankruptcy Code
Chapter 15 of the U.S. Bankruptcy Code governs cross-border insolvency proceedings. It establishes a comity-based framework within which U.S. courts may recognize certain foreign insolvency proceedings and enforce orders issued in those proceedings. Like other U.S. law on the recognition of foreign proceedings, it includes a public policy exception. This post provides a brief overview…
Continue ReadingFederal Court Issues Worldwide Anti-Enforcement Injunction
Last month, Judge Edward Davila (Northern District of California) granted a motion by Google for a rare type of equitable relief: a worldwide anti-enforcement injunction. In Google v. Nao Tsargrad Media, a Russian media company obtained a judgment against Google in Russia and then began proceedings to enforce it in nine different countries. Arguing that…
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