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In Antitrust

Ukraine: Priorities of Antimonopoly Committee of Ukraine for year 2023 and looking back at 2022 performance

by and 5 Mins Read

In brief At the end of March, the Antimonopoly Committee of Ukraine (“AMC”) published its Annual Report for 2022 (“Report”). The full-scale russian invasion caused significant damage to Ukraine’s economy. Thus, in 2022, the AMC focused on markets that are strategically important for the country, including the markets for: (i) electricity, (ii) natural gas, (iii) light oil products, (iv) housing and communal services, (v) construction materials (i.e., cement), (vi) medicines, (vii) real estate, (viii) information…

In Product Safety/Product Liability

European Union / United Kingdom: General Product Safety Directive – A new era of product safety for the EU

by and 7 Mins Read

In brief On 30 March 2023, Members of the European Parliament endorsed proposed reforms to the General Product Safety Directive (GPSD) in the form of a Regulation, intended to safeguard consumers. This new Regulation looks set to be one of the most significant updates to the EU’s product regulatory landscape in modern history – making substantial amendments to the GPSD, which has been in force for more than two decades. The objective of the Regulation…

In Commercial Courts

Revision of the Swiss Civil Procedure Code: Key Amendments

by and 6 Mins Read

On 17 March 2023, the Swiss Parliament approved a revision of the Swiss Civil Procedure Code (CPC) introducing key amendments intended to facilitate the practical application of the CPC and improve access to courts in Switzerland. This includes, among others, the introduction of legal privilege of in-house legal counsel in civil proceedings. Moreover, the revised CPC lays the foundation for cantons to create international commercial courts, where parties can choose English as the language of…

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…

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