The Minister of Finance has recently announced further measures to strengthen the supervision over the AFM and DNB within the "twin peaks" supervisory framework, in which both supervisors are independently entrusted with the enforcement of legislation for the financial sector.
On September 29, 2010, in the Computer Associates International Derivative Litigation, Judge Thomas C. Platt of the U.S. District Court for the Eastern District of New York granted a motion to dismiss derivative claims asserted against Ernst & Young LLP ("E&Y") and KPMG LLP ("KMPG"), the former and current auditors of Computer Associates ("CA").
In Schoon v. Troy Corporation, 948 A.2d 1157 (Del. Ch. 2008), the Delaware Chancery Court held that a former director is not entitled to advancement rights where a later board-approved amendment to the corporation’s by-laws cut off such rights.
Cadwalader’s Litigation Department recently secured summary judgment for Pfizer and Pharmacia and a settlement for Bear, Stearns & Co. that entailed a positive result for the client.
This fall is a good time to assess and plan for actions that need to be taken by year end and in 2008 to ensure U.S. qualified plan compliance.