“Libor is like the ivy that has grown through the house- ripping it out could crash the financial system. Removing it requires planning…’— Thomas Wipf, Chair of the Alternative Reference Rates Committee INTRODUCTION The London Inter-Bank Offered Rate (LIBOR) underpins various financial products- from traditional term loans like mortgages to complex derivatives such as interest-rate swaps. Although widely used in the 1970s, it was standardized as an officially produced rate by

If you look at the current ten highest fines imposed under the Foreign Corrupt Practices Act of 1977 as amended, Title 15 U.S.C. Sections 78dd-1, et seq. (“FCPA”), two things become evident: (1) the total amount of these 10 fines alone, over USD 10 billion, is considerable, and (2) that with nine of the ten largest settlements coming from foreign companies, the FCPA is important beyond US companies and banks. While case law like United States v. Kay, can be helpful in underst

Over the past few weeks, the so-called “Dutch poison pill” made headlines with Veolia Environment’s unsolicited takeover bid of its rival Suez. On August 30, Veolia, a French waste, water and energy management company, offered Engie, Suez’s main shareholder, to acquire 29.9% of its 32% stake in Suez. On October 5, the board of directors of Engie approved Veolia’s improved offer at €18 per share. Quickly after, and renewed on November 3, Veolia committed to make a tender offer