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In Public Liability Claim

Wirecard-Litigation Update –  Bad News For Investors

by and 5 Mins Read

The Wirecard story is a true economic thriller: monies disappeared, offshore accounts were faked, managers were arrested or fugitive, possibly with connections to intelligence services. As such, Wirecard goes down as one of the most sensational scandals in German economic history. Today, it has been almost three years since Wirecard AG filed for insolvency. Since then, private and institutional investors have been trying to recoup their losses through individual lawsuits or model declaratory actions against…

In Class Actions

UK Competition Appeal Tribunal refused to certify £2,3bn Opt Out Class Action  

by 4 Mins Read

The UK Competition Appeal Tribunal (“CAT”) has refused to certify an opt out class application brought by Liza Gormsen in relation to the alleged abuse of a dominant position by a social networking platform. The application signified a trend in claims pursued in the UK, in which it is argued that certain activities of dominant companies that strictly appear to be consumer or data law issues in fact constitute “unfair trading conditions” and/ or “supplementary…

In Commercial Courts

Germany wants to introduce English speaking commercial courts

by 5 Mins Read

In January 2023, the German Federal Ministry of Justice published “Guidelines for the strengthening of the courts in commercial disputes and for the introduction of (English speaking) commercial courts” (Guidelines). The Guidelines are the first step in implementing a legislative project of the labor/liberal/green coalition. In their coalition agreement, the three parties had agreed to “allow the introduction of English-speaking specialized chambers for international commercial and business disputes.” Currently, the possibilities to conduct civil/commercial proceedings…

In Auditors' Liability

Germany: To Disclose or Not To Disclose?! Records Requests to Auditors and Tax Advisors

by and 6 Mins Read

In recent years, Germany has seen major financial scandals causing political and legal turmoil. The two most prominent scandals are the so called “cum/ex” tax scandal and the “Wirecard” financial fraud scandal. For many people, these names are associated with money lost. Litigators associate “cum/ex”, “Wirecard” and further scandals with proceedings against auditors and tax advisors; a hot topic for litigation in Germany. Disputes are centered around the liability of auditors and tax advisors: Former…

In M&A Disputes

Germany: Regional Court Düsseldorf on fraudulent misrepresentation in case of an inflation of the EBITDA

by and 7 Mins Read

In Germany, arbitral tribunals decide most disputes arising from M&A transactions. Parties often are concerned that German state courts are not experienced and therefore in no good position to decide complex and high-value M&A disputes. Parties favor arbitration because it allows them to choose arbitrators who have either experience in negotiating complex transactional agreements or in handling M&A disputes. The downside of this preference for arbitration over litigation is that not much case law is…

In Choice of Forum

New Swiss case law on choice of forum clauses in General Terms and Conditions

by , and 7 Mins Read

In a recent decision in case no. 4A_507/2021 (in Italian), the Swiss Federal Supreme Court (SFSC) set out the requirements for a valid conclusion of a choice of forum agreement in the context of General Terms and Conditions (GTCs). In the following, we will (1) briefly set out the general legal framework for GTCs in Switzerland, (2) present the recent decision of the SFSC, and (3) highlight the lessons from this decision. 1. General legal…

In Enforcement

Hague Judgments Convention 2019 to enter into force

by 7 Mins Read

It has been confirmed that the Hague Judgments Convention (“Convention”) will enter into force following the accession of the European Union (excluding Denmark) and the ratification by Ukraine on 29 August 2022. Under the terms of the Convention, the Convention will enter into force on the first day of the month following the expiry of 12 months after two states formally ratify or accede to it. The Convention will therefore take effect for the EU…

In Sanction/Counter-Sanction

The consequences of the sanctions against the Russian Federation and of the Russian countermeasures for international arbitration and litigation

by and 8 Mins Read

After the invasion of Crimea and Donbas in 2014, several countries imposed economic sanctions on the Russian Federation and on Russian companies. The sanctions have been tightened after Russia’s invasion of Ukraine and an end to the sanctions and to a possible further tightening is not in sight. The sanctions had and continue to have a significant impact on the resolution of disputes with persons/entities affected by the sanctions: counsel may no longer be able…

In Privilege

Netherlands: Supreme Court judgment on legal professional privilege for in-house lawyers in the Netherlands

by , , and 7 Mins Read

In brief On 24 May 2022, the Dutch Supreme Court passed judgment between, on one hand, the Royal Dutch Shell PLC and 15 of Shell’s in-house lawyers (“Shell”), and on the other hand, the Dutch Public Prosecution Service.[1] The Supreme Court held that both Shell’s and the Public Prosecution Service’s complaints were inadmissible because the decision of the court of first instance should be considered as an ‘interim decision’ (in Dutch: ‘tussenbeschikking’), and interim decisions are not…

In Regulatory, Public and Media

Judicial Review and Courts Act 2022 receives Royal Assent

by , and 3 Mins Read

The Judicial Review and Courts Act 2022 (the “Act”) received Royal Assent on 28 April 2022. The Act is based on the Judicial Review and Courts Bill (“Bill”) which was introduced to Parliament on 22 July 2021 after the Independent Review of Administrative Law (IRAL) had been carried out. The IRAL was established following the 2019 Conservative Party manifesto commitment that it would “ensure that judicial review is available to protect the rights of the…

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