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By Gabriel Matus

On March 1, 2013, the U.S. Court of Appeals for the Second Circuit ordered Argentina to submit its proposal for the terms on which it is prepared to make payment on approximately $1.3 billion of unpaid debt obligations stemming from the country’s $95 billion debt default a decade ago. The court’s ruling is the latest milestone in the marathon court battle between the Republic of Argentina and NML Capital Ltd., a vulture fund affiliate of the hedge fund firm Elliott Associates, run by billionaire Paul Singer.Continue Reading U.S. Court of Appeals (2nd Circuit) Orders Argentina To Submit Proposal For Alternative Payment Plan To Avoid Debt Default… Again

By Thad McBride and Cheryl Palmeri

A New York federal district court judge has dismissed a Foreign Corrupt Practices Act (“FCPA”) claim against a former executive of Siemens, S.A. Argentina and Siemens Transportation Systems for lack of personal jurisdiction. The U.S. Securities and Exchange Commission (“SEC”) brought the civil FCPA enforcement action against Herbert Steffen for his role in an alleged scheme by which Siemens paid bribes to top government officials in Argentina to secure a project to create national identity cards.Continue Reading Line in the Sand: Siemens Argentina Case Limits Personal Jurisdiction Under the FCPA

Whether your company requires assistance in selecting the appropriate visa for an executive rotating into the U.S. or help in assessing the immigration impact of a U.S. merger or acquisition, Sheppard Mullin’s seasoned immigration attorneys can help. We provide comprehensive global business immigration services, including strategic planning, advice, case preparation, filing and monitoring, as well as development of corporate compliance policies and visa training programs. Our team also works extensively with individuals and entrepreneurs considering family or business sponsorships, facing bars of entry to the U.S. or seeking naturalization.Continue Reading Sheppard Mullin Offers Full Range of Immigration Expertise

The Fifth Circuit recently upheld a Texas Bankruptcy Court’s refusal to enforce non-debtor third party releases in the Mexican reorganization proceeding (known as a concurso mercantil) of Mexican glass manufacturer Vitro SAB de CV. As a result of this decision, Wall Street and the capital markets will breathe a sigh of relief and will likely continue to extend credit to Mexican corporations with some confidence that guaranties will be enforced.Continue Reading Fifth Circuit Refuses to Enforce Mexican Reorganization Plan’s Proposed Release of Non-Debtor Bond Guarantors

By Alan Feld

In a widely followed dispute, the Fifth Circuit Court of Appeals will soon render a decision on the appeal of a Texas Bankruptcy Court’s refusal to recognize non-debtor third party releases in the Mexican reorganization proceeding (concurso mercantil) of Mexican glass manufacturer Vitro SAB de CV. Wall Street and the capital markets will be watching this appeal closely as a reversal of the Bankruptcy Court would likely make lenders and bondholders extremely nervous about extending future credit to Mexican corporations.Continue Reading Fifth Circuit Expected To Issue Landmark Ruling Concerning Recognition of Foreign Bankruptcy Proceedings Contrary to US Public Policy

The Official Gazette of the Federation (the “Gazette”) published an amendment to the Mexican Commerce Code (Código de Comercio) by which foreign entities (and not only individuals) acting as pledgors who have not been previously recorded in the Public Registry of Commerce, may validly obtain a registration number from the Unique Registry of Mobile Asset Collateral (Registro Unico de Garantías Mobiliarias) (“RUG”), under which first priority liens on mobile assets located in Mexican territory and documented through Mexican security documents (i.e. Floating Lien Pledge Agreements) will be recorded in the RUG perfecting such first priority lien for purposes of third parties.Continue Reading Amendment to Mexican Commerce Code Facilitates Registration of Liens Against Mobile Assets Located In Mexico

By Curtis Dombek

Earlier this year Mexico became a member of the Wassenaar Arrangement for multilateral military and dual-use controls. The Wassenaar Arrangement is a group of 41 countries that cooperate in the export control of dual-use goods and technology, items that pose a risk if trade is uncontrolled because of their potential for use in military systems and terrorist activities.Continue Reading Mexico Added to UK Open General License for Export Controls Following Wassenaar Accession

By Alison N. Kleaver and Joseph Barton

One of the goals of the Foreign Corrupt Practices Act (“FCPA”) is to prevent US companies and individuals from paying bribes to foreign officials in exchange for business. To this end, the FCPA prohibits any domestic individual or business entity from making payments to a “foreign official” for the purpose of obtaining or retaining business. 15 U.S.C. § 78dd-2(a)(1). However, who, precisely, qualifies as a “foreign official” is the subject of much uncertainty. In particular, whether employees of a state-owned company qualify as foreign officials for purposes of FCPA is an area of great concern—and potential liability—particularly for US companies doing business in Latin America where governments often have at least some level of involvement in various business sectors from education to utilities to health care.Continue Reading Meaning Of FCPA’s “Foreign Official” Causes Uncertainty For Companies Doing Business Abroad

The staff of the Securities and Exchange Commission (“SEC”) recently released a study on the cross-border scope of the private right of action under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. § 78j(b), and SEC Rule 10b-5, 17 C.F.R. § 240.10b-5, promulgated thereunder. The study, mandated by Congress following the United States Supreme Court’s decision in Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010), outlines a number of legislative options for extending the scope of private actions for international securities fraud that may provide a roadmap for future Congressional action.Continue Reading SEC Staff Issues Report on the Cross-Border Scope of Private Rights of Action for Securities Fraud

By Curt Dombek and Mark Jensen

President Obama’s visit to the Summit of the Americas produced an important development for business in the United States and Colombia. During an April 15 press conference, President Obama and Colombian President Juan Manuel Santos jointly announced that the U.S.-Colombia Free Trade Agreement (CFTA) will enter into force on May 15, 2012. The enactment of the CFTA creates significant opportunities for both U.S. and Colombian businesses involved in international transactions. In order to take advantage of these opportunities, it will be important for parties to understand key parameters of the agreement, including what qualifies goods as originating in the United States or Colombia.Continue Reading Opportunities in the Upcoming U.S.-Colombia Free Trade Agreement