White & Case
Our lawyers share their expertise through by-lined articles in leading legal, business and scholarly journals and through White & Case newsletters, updates and white papers.

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High yield bond restructuring across Europe
April 2015

Further European high yield debt restructurings are inevitable. In this report, White & Case offers insight on the current status of the European high yield debt market, and the unique set of challenges it soon faces
PDF Dawn Raids under Scrutiny Again by European Human Rights Court
April 2015
Jacquelyn F. MacLennan, Mark D. Powell, Jean-Paul Tran Thiet, Genevra Forwood

The European Court of Human Rights (the "ECtHR") has ruled in the Vinci case that the circumstances surrounding the electronic removal of documents and computer files during a dawn raid violated two companies' privacy rights enshrined in the European Convention on Human Rights ("ECHR"). The case is part of a growing trend where the ECtHR and EU courts have been asked to scrutinize the powers of competition authorities throughout Europe to conduct dawn raids in light of fundamental rights. The judgment underscores the need for effective judicial review of competition inspections, to protect companies against overly broad "fishing expeditions".
IBM sentenced to pay 6.5 million as contractual damages
April 2015, White & Case Technology Newsflash
Bertrand Liard, Clara Hainsdorf

In a recent and long-awaited decision, the Bordeaux Court of Appeal concluded a dispute concerning key issues for system integration projects and provided a reminder that the amendments to a contract should be accurate and specifically provide for the modification of the contractual duties of the initial agreement.
PDF UK Consumer Rights Act 2015
April 2015
Jacquelyn F. MacLennan

The Consumer Rights Act ("the 2015 Act") received Royal Assent on 26 March 2015 and comes into force 1 October 2015. The 2015 Act aims to reform and consolidate eight pieces of legislation addressing consumer rights in the UK.
PDF IRS Publishes Final Regulations Under Section 162(m)
April 2015
Henrik P. Patel

On March 31, 2015, final regulations of Internal Revenue Code Section 162(m) were published. The final regulations clarify exceptions to the US$1 million annual limit on deductions allowable to publicly held corporations for compensation paid to "covered employees." Covered employees include certain executive officers, such as the chief executive officer and the corporation’s three other most highly compensated executive officers other than the chief financial officer. Generally, compensation paid by a publicly held corporation to its covered employees in excess of US$1 million per year is not tax deductible. This US$1 million limitation however is subject to certain exceptions, which include exceptions on performance-based compensation and compensation paid pursuant to a plan that existed prior to the corporation becoming public. The Section 162(m) final regulations amend and clarify the existing proposed regulations with regard to these two exceptions. Namely, the final regulations clarify that equity plans must provide individual limits on issuable stock, and that restricted stock units granted by newly public corporations must be paid (and not just granted) prior to the end of the transition period.