Publications & Presentations
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Recent PublicationsView all Publications
OFAC Makes Important Update to Ownership/Control Guidance
Authors: Stephan E. Becker, Nancy A. Fischer, Aaron R. Hutman, Stephanie J. Rohrer
On August 13, 2014, the Office of Foreign Assets Control (OFAC) issued new guidance on ownership/control for determining blocked parties. This represented the first significant update on this topic since February 14, 2008, and may have important practical implications for how companies conduct due diligence, assess whether potential business associates or customers are blocked under U.S. law, and determine when it is safe to deal in or transfer the property of such persons.
Mexico’s Energy Reform Provides Significant Opportunities in Oil and Gas Exploration and Production
Authors: John B. McNeece III, Eric Save, Michael S. Hindus
Mexico’s new energy legislation, which went into effect on August 12, 2014, will completely restructure the Mexican energy sector, including both hydrocarbons and electricity. This legislation opens up oil and gas exploration and production (“E&P”) to the private sector, through authorization of new contract arrangements with the Mexican State or with PEMEX, while reaffirming Mexico’s ownership of hydrocarbons in the ground. Mexico’s opening to the private sector will generate numerous opportunities for E&P operators, the E&P arms of international oil and gas companies, suppliers, and investors.
Delaware’s Adoption of Garner — and Practical Ways to Respond
This article was originally published in Law360 on August 27, 2014.
Authors: Bruce A. Ericson, Dorothy F. Kaslow
On July 23, 2014, the Delaware Supreme Court in Wal-Mart Stores Inc. v. Indiana Electrical Workers Pension Trust Fund IBEW held that plaintiff stockholders, who make a showing of good cause, can inspect documents concerning a corporation’s internal investigation even if those documents were otherwise covered by the attorney- client privilege and even if the plaintiffs’ inspection demands are made in Section 220 litigation.1 In so ruling, the Supreme Court expressly adopted the “fiduciary” exception to the attorney-client privilege first announced in a Fifth Circuit appellate decision dating from 1970, Garner v. Wolfinbarger.2 The court also ruled that Garner does not apply to efforts to protect nonopinion work product, which should be analyzed under Court of Chancery Rule 26(b)(3).