Greek Debt Crises Reaches Federal Supreme Court

Coat_of_arms_of_Greece_svgGerman investors in Greek government bonds have sued the Hellenic Republic in German courts over losses suffered as a result of the restructuring of their bonds. The Greek debt restructuring which triggered this litigation took place in March 2012. Greek bonds were exchanged for new bonds with lower principal, lower interest rates and longer maturity, resulting in a haircut for investors. A large majority of investors accepted the swap, but some investors did not, and went to court. Continue reading

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IBA Guidelines on Conflicts of Interest in International Arbitration: Revised Version 2014

At its session in Tokyo on October 23, 2014, the IBA Council has approved the new version of the IBA Guidelines on Conflicts of Interest in International Arbitration. This version updates and clarifies the original IBA Guidelines, which were approved by the IBA Council on May 22, 2004. According to the IBA, “the Guidelines on Conflicts of Interest represent the most comprehensive work to date defining the framework by which the impartiality of arbitration in the international arena can be most effectively assured.” Continue reading

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Federal Supreme Court: Standard & Poor’s, New York, NY, Can Be Sued in Germany over Lehman Ratings

Back in November 2011, we had covered the judgment of the Frankfurt Court of Appeals (Oberlandesgericht), which held it had jurisdiction to hear actions by German claimants against Standard & Poor’s, New York, in disputes arsing from Lehman ratings. In December 2012, the Federal Supreme Court (Bundesgerichtshof) confirmed the Frankfurt judgment on the issue of jurisdiction. Continue reading

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