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Introduction A lot has been said and written about the Wirecard scandal in Germany. Books and scholarly articles have been published, movies about the case are blockbusters in theatres. Therefore, just briefly here: Wirecard was the poster child start-up company in Germany, active as an (online) payment service provider. The German federal government lobbied for Wirecard with its international counterparts. In summer 2019, Wirecard publically announced that an amount of approx. EUR 2 billion on its…

The UK Competition Appeal Tribunal (CAT or “Tribunal”) has certified the first opt-out collective action since the UK class actions regime was introduced in 2015. The application had been dismissed on first consideration but after a series of appeals that went all the way to the Supreme Court, Walter Merricks CBE has been granted a Collective Proceedings Order (CPO) in his GBP 14 billion claim on interchange fees. The size and complexity of the claims…

In brief ESG is an acronym for environment, social and (corporate) governance – factors considered originally (and separately) to be a measure of an organisation’s corporate social responsibility, and which are becoming increasingly important in determining its financial and general success. ESG encapsulates a broad range of issues including (but by no means limited to) sustainability, corporate ethics, human rights, social good, climate change and corporate culture. Why is ESG important? The broadness of the…

ESG (environment, social and corporate governance) issues, including human rights, have increasingly become a board level concern as the trend towards stakeholder capitalism and regulatory intervention on the topic has grown. Actions to impose statutory responsibilities on directors, to introduce programmes on specific issues (such as forced labour and conflict minerals), to mandate disclosure and transparency, and to threaten the corporate licence to operate through sanctions or restrictions on procurement, have all contributed to an…

In brief The European Commission (EC), on 30 June 2021, proposed reforms to the General Product Safety Directive (GPSD) in the form of a Regulation, intended to safeguard consumers (see here) (“Proposal”). The Proposal makes substantial amendments to the GPSD, which has been in place for the last 20 years, seek to increase the protection offered to EU consumers in respect of products they purchase, both in store and online, whilst also addressing challenges posed by…

One of the most significant impacts of the COVID-19 pandemic on the administration of justice has been the shift to virtual hearings and mediations. In mid-2020, Baker McKenzie and KPMG UK surveyed civil and commercial court users to explore their experience and perceptions of virtual hearings and mediations and to help answer a key question: are virtual hearings and mediations here to stay? 70% of the participants said they would prefer to have virtual interim…

1. Introduction As in other jurisdictions, Russia’s insolvency legislation is based on the pari passu principle. However, this principle is subject to certain exceptions, specifically with respect to shareholders and other non-arm’s length creditors, such as the controlling persons of an insolvent company (“Affiliated Creditors”). In practice, Affiliated Creditors use other instruments (e.g. loans, intergroup supplies etc.) to have their claims listed in the creditors’ register of an insolvent company. First, this enables such creditors…

With the emergence of the COVID-19 virus in early 2020, Switzerland along with many other countries introduced extensive measures to prevent the spread of the virus. Social distancing and protection measures provide new challenges in business relations – but also in legal proceedings. COVID-19 measures have had (and are still having) an unprecedented impact on the justice system. The article at hand offers a brief overview on the impact of the COVID-19 pandemic and the…

A few weeks ago, the Regional Court of Hanover dismissed a cartel damage lawsuit by a claims vehicle for lack of legal standing[1]. The judgment deserves scrutiny, as it confirms a trend among German courts to dismiss bundled claims on this basis[2]. 1. The incentive for bundling claims German law knows no class actions, and no specific means of collective redress that would provide cartel victims with payment titles. Therefore, cartel victims sometimes bundle their…

This article discusses the judgment of the Dutch Supreme Court issued on 19 February 2021 that answers the question whether the initiation of a mediation in cross-border disputes interrupts the statutory limitation period for civil claims. Introduction Lately, the doctrine of the statute of limitation has been concretized in the Netherlands by means of various judgments of the Supreme Court.[1] In a recent ruling dated 19 February 2021, the Supreme Court issued a judgment in…