WLF Webinar to Feature Two Seasoned FCPA Compliance Practitioners

LowmoyerThe FCPA Approaches Middle Age: Is the Anti-Corruption Law Slowing Down or as Spirited as Ever?

Tuesday, November 14, 1:00-2:00 p.m. EST

Live webcast, click here to view

Speakers: Homer E. Moyer, Jr., Miller & Chevalier and Lucinda A. Low, Steptoe & Johnson

Description: For 40 years, the Foreign Corrupt Practices Act has kept business interaction with overseas government officials on a short leash. But four decades of federal enforcement dominated by voluntary disclosures and widely disparate settlements has deprived FCPA targets of clear standards and guidance. Our speakers will derive lessons and trends from recent DOJ and SEC actions, forecast what the law’s next decade may bring, and identify possible vulnerabilities ripe for judicial review.

Federal Judicial Advisory Panel to Assess Multidistrict Litigation Rules Proposals

US courtsAccording to a November 8, 2017 National Law Journal article, the chairman of the Judicial Conference Advisory Committee on Rules of Civil Procedure “suggested creating a subcommittee to take up a package of proposals to amend multidistrict litigation procedures” at a meeting this week. The article noted that the Advisory Committee had received a number of requests for rulemaking on the subject.

Lawyers for Civil Justice (LCJ) submitted one of the requests, asking the Advisory Committee to amend selected Rules to adapt their application to cases consolidated for pre-trial proceedings. Washington Legal Foundation wrote to the Advisory Committee in late September, supporting LCJ’s rulemaking request and attaching two recent WLF publications (read them here and here) that positively underscore the unique challenges and pitfalls posed by multidistrict litigation.

The Advisory Committee’s subcommittee will be undertaking challenging and important work, and we commend the Committee for its response to the request made by LCJ and other organizations.

Ninth Circuit Overturns State Licensing Scheme Forcing Businesses to Incorporate in California

9thCirAccording to one California observer, the “list of businesses abandoning California for more hospitable business environments reads like a roll call of top companies.” That corporations have been fleeing California’s escalating costs and over-the-top regulation is not all that surprising. But few may be aware of one of the Golden State’s more creative efforts to reverse that trend: enacting laws that force companies to incorporate in California if they want to do business there.

The U.S. Court of Appeals for the Ninth Circuit recently took up—and overturned—one such law in Nationwide Biweekly Admin. v. Owen. The case arose from Nationwide’s biweekly mortgage loan repayment program, which facilitates homeowners with mortgages who wish to make 13 monthly mortgage payments a year, ostensibly reducing a 30-year mortgage into a 23.9-year mortgage.  Continue reading “Ninth Circuit Overturns State Licensing Scheme Forcing Businesses to Incorporate in California”

Third Circuit Antitrust Decision Makes Pharmaceutical Patent Disputes Nearly Impossible to Settle

FTC_Man_Controlling_TradeThe U.S. Supreme Court’s 2013 FTC v. Actavis, Inc. decision held that “reverse payment” settlement agreements—in which a drug company suing a generic competitor for patent infringement pays the alleged infringer a substantial amount of cash to settle the litigation—are subject to antitrust scrutiny.  The Court reasoned that such reverse payments are unusual and may indicate that the generic company is really being paid not to compete.

An August 21, 2017 decision from the U.S. Court of Appeals for the Third Circuit has stretched the Actavis holding far beyond anything intended by the Supreme Court.  If the appeals court’s decision in In re: Lipitor Antitrust Litigation is allowed to stand, it may become virtually impossible for drug companies to settle patent-infringement litigation. Continue reading “Third Circuit Antitrust Decision Makes Pharmaceutical Patent Disputes Nearly Impossible to Settle”

FTC’s Action against “Repetitive” Filing of Citizen Petitions Reflects Expanding Pharma-Sector Enforcement Program

Featured Expert Column: Antitrust & Competition Policy — Federal Trade Commission

06633 - Royall, M. Sean ( Dallas )By M. Sean Royall, a Partner with Gibson, Dunn & Crutcher LLP, with Richard H. Cunningham, Of Counsel in the firm’s Denver, CO office, and Andrew B. Blumberg, an Associate Attorney in the firm’s Dallas, TX office.

On February 7th, 2017, the Federal Trade Commission (FTC) filed a complaint alleging that Shire ViroPharma Inc. (Shire) violated the antitrust laws by filing sham citizen petitions in an effort to forestall generic competition for its branded prescription drug, Vancocin.  The case is another stepping stone in the agency’s steadily expanding efforts to police what it views as potential antitrust abuses in the pharmaceutical sector. Continue reading “FTC’s Action against “Repetitive” Filing of Citizen Petitions Reflects Expanding Pharma-Sector Enforcement Program”

SCOTUS Seeks Solicitor General’s Views on Apple’s Cert. Petition in Antitrust Suit

app storeIn an orders list issued today, the U.S Supreme Court invited the Solicitor General of the United States to file a brief expressing the federal government’s views on the petition for certiorari in Apple, Inc. v. Pepper. The case, in which Washington Legal Foundation filed an amicus brief supporting Apple’s request for review, involves a forty-year old Supreme Court doctrine dictating that only direct purchasers of good or services may file private enforcement actions under federal antitrust laws.

The Court occasionally seeks the federal government’s views on a petition for certiorari in cases in which the government is not directly involved, but that implicate significant federal interests. In Supreme Court-speak, this is known as a CVSG: Calling for the Views of the Solicitor General. Continue reading “SCOTUS Seeks Solicitor General’s Views on Apple’s Cert. Petition in Antitrust Suit”

“U.S. v. Martoma”: Second Circuit’s Latest, but Perhaps not Last, Word on Insider-Trading Tippee Liability

Featured Expert Contributor, Corporate Governance/Securities Law

bainbridgeStephen M. Bainbridge, William D. Warren Distinguished Professor of Law, UCLA School of Law.

Matthew Martoma was a portfolio manager at S.A.C. Capital Advisors, LLC, a hedge fund owned and managed by Steven A. Cohen, which had been the subject of numerous insider trading investigations. One of those investigations resulted in Martoma being charged with insider trading on the stocks of a pair of drug companies developing a new Alzheimer’s disease drug treatment. Martoma had received tips of material nonpublic information about the treatment from two drug company employees. Martoma was convicted and appealed.

In a 2-1 opinion by Chief Judge Katzmann, the Second Circuit affirmed Martoma’s conviction. Its decision in United States v. Martoma is the first major interpretation of the Supreme Court’s decision in Salman v. United States, and the first effort to determine the remaining scope, if any, of the Second Circuit’s 2014 decision in United States v. Newman. Continue reading ““U.S. v. Martoma”: Second Circuit’s Latest, but Perhaps not Last, Word on Insider-Trading Tippee Liability”