August 2015 Newsletter

INSIDE THIS ISSUE

Scott+Scott to Open London Office

Final Approval Granted in Murr v. Capital One Bank (USA), N.A. Settlement

Scott+Scott Partner Joseph Guglielmo to Speak on eDiscovery at Georgetown University eDiscovery Institute

New Antitrust Guidelines Being Drafted by NDRC for China’s Automobile Sector

Conferences and Educational Seminars

 

Scott+Scott to Open London Office

Scott+Scott, Attorneys at Law, LLP will be opening its first European office and Belinda Hollway, joining from Freshfields Bruckhaus Deringer LLP, will be leading the office.

Scott+Scott, with offices in New York, Connecticut, Ohio and California, has recovered billions of dollars on behalf of its clients in precedent-setting cases involving competition law violations, corporate governance, and corporate malfeasance. The firm has earned a reputation for seeing difficult cases through to the end. Recently, after seven years of litigation, the firm obtained a $590 million settlement against several private equity firms for cartel violations. The firm is currently leading the Foreign Exchange anti-cartel litigation in the United States against twelve banks achieving $808.5 million in settlements to date. The firm is also co-lead counsel in an anti-cartel action alleging a conspiracy to manipulate the ISDAfix benchmark rate. The global nature of the cases led by Scott+Scott and the interest from European investors and clients have encouraged the firm’s move.

Belinda Hollway, who has spent nine years in Freshfields Bruckhaus Deringer LLP's cartel defence and commercial disputes practice, has extensive experience representing clients from various industries in European Commission and domestic regulatory investigations, as well as private enforcement actions in the High Court and the Competition Appeal Tribunal. She is uniquely positioned to represent claimants, having spent most of her career defending defendants in private enforcement actions.

Belinda has degrees in both Law (first class honours and University Medal) and History (first class honours) from the Australian National University. She also holds a master’s degree in EC Competition Law from King’s College, London. She is admitted as a solicitor in England & Wales and in New South Wales (Australia).

Johanne Peyre, Head of Antitrust Michelin Group, added: "Scott+Scott has an outstanding track record in complex cases and the firm’s presence in the European private enforcement market is well-timed as the civil action framework for victims of corporate wrongdoing is fast developing."

Christopher Rother, the head of Deutsche Bahn AG's regulatory and antitrust department, welcomed this development: "Follow-on actions are a vital pillar of competition law enforcement in Europe. In that respect, London is one of the most prominent venues for corporate victims to file claims in global cartel cases. I welcome that law firms react to the increasing importance of private enforcement in Europe and set up highly qualified teams specialised in competition litigation."

Commenting on the establishment of the London office with an individual, who can provide top-notch legal work to its clients in private enforcement actions, David R. Scott, Managing Partner of Scott+Scott said, "Attracting someone of Belinda Hollway’s calibre and experience underscores our commitment to recouping global losses for our clients, as well as our ambitions as we grow our European competition law practice."

Belinda said, "After seeing the leadership that Scott+Scott exhibited in the FX litigation, it was clear to me that the firm is going to be a leader in the field of private enforcement for corporations and institutional investors. I am very excited about joining the team to recoup losses stemming from violations of Europe's competition laws."

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Final Approval Granted in Murr v. Capital One Bank (USA), N.A. Settlement 

Following a final approval hearing on June 26, 2015, the Honorable Judge Leonie M. Brinkema of the United States District Court for the Eastern District of Virginia granted final approval of a settlement in Murr v. Capital One Bank (USA), N.A., Case No. 1:13-cv-1091 LMB/TCB (E.D. Va.).  The settlement negotiated by Scott+Scott and its co-lead counsel, concludes a two-year long litigation between a nationwide class of consumers and Capital One Bank USA, N.A. (“Capital One”). 

The lawsuit alleges that Capital One’s policies and practices relating to certain interest and minimum payment charges after a credit card customer uses a 0% Access Check or “No Hassle” Check are deceptive, constitute a breach of contract, and violate the Truth in Lending Act, including the Credit Card Accountability Responsibility and Disclosure Act of 2009.

Members of the settlement class are Capital One credit card holders who used a 0% Access Check or No Hassle Check in the United States from August 1, 2008, through January 2, 2015.  The total amount of payments to settlement class members is expected to exceed $5.36 million.  Capital One has also agreed to pay for notice and administration costs in addition to the Settlement payments.  The settlement website, www.capitalonezeropercentsettlement.com, contains information regarding the settlement as well as the relevant settlement documents and the forms to submit a claim for compensation. 

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Scott+Scott Partner Joseph Guglielmo to Speak on eDiscovery at Georgetown University eDiscovery Institute

Joseph Guglielmo will be speaking at the 12th annual Georgetown University Law Center Advanced eDiscovery Institute (“AEDI”), which will take place November 19 – 20, 2015 in Washington, D.C.

The Georgetown University Law Center’s AEDI has gained a reputation among judges, practitioners, and vendors as the leading eDiscovery conference of its kind in the United States.  Mr. Guglielmo will be serving as the Moderator of the Ethics plenary session scheduled for Friday, November 20.  AEDI is attended by private practitioners and government attorneys, as well as federal and state judges throughout the United States, and brings together many of the leading thinkers in the area of eDiscovery.

Earlier this year, Mr. Guglielmo was appointed to the Sedona Conference Steering Committee on eDiscovery.  He has been involved in eDiscovery for over a decade and has been instrumental in working with his peers to influence advances in the law related to eDiscovery.

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New Antitrust Guidelines Being Drafted by NDRC for China’s Automobile Sector

The National Development and Reform Commission (NDRC), one of three agencies that enforce China’s anti-monopoly law, recently started drafting its first industry-specific antitrust guidelines for the automobile sector.  Although there is no timetable for the final release of these guidelines, according to a recent media report, a preliminary draft was filed with the Chinese State Council early last month.

The automobile industry has been a main target of Chinese antitrust authorities since last year.  In August 2014, 12 Japanese automobile parts makers, including Sumitomo Corp., Mitsubishi Electric Corp., and Denso Corp., were hit with a combined $202 million fine for price fixing.  Only one month later, the NDRC announced that vehicle manufacturers Volkswagen AG and Chrysler Group LLC's Chinese units were fined a combined $46 million for price fixing.  In April 2015, the NDRC announced a record fine of $56.4 million against Daimler AG's Mercedes-Benz for setting minimum resale prices.  According to a recent media report, Nissan is currently under an antitrust investigation, and punishments are expected to be announced soon.

The NDRC has been accused of adopting different standards and imposing inconsistent fines in antitrust cases against auto companies.  The new guidelines are expected to draw on experience from previous cases and make antitrust law enforcement in China more transparent.

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U.S. Events

 

Conferences and Educational Seminars

 

+August 1-5, 2015

 

National Association of State Retirement Administrators (NASRA) 60th Annual Conference

Portola Hotel Conference Center

Monterey, California

 

NASRA is a non-profit association whose members are the directors of the nation’s state, territorial, and largest statewide public retirement systems.  NASRA members oversee retirement systems that hold more than two-thirds of the more than $2 trillion in state and local government assets and that provide pension and other benefits to most state and local government employees.  The annual NASRA conference, held exclusively for members, takes place the first week in August every year.  Presentations by informed speakers are on a variety of pertinent subjects including investment management, world events applicable to the pension industry, actuarial, data processing, health care, and significant happenings in each of the states and territories.

 

 

+August 2-5, 2015

 

County Commissioners Association of Pennsylvania (CCAP) 129th Annual Conference

Omni William Penn Hotel and Convention Center

Allegheny County, Pittsburgh, Pennsylvania

 

The County Commissioners Association of Pennsylvania (CCAP) is a statewide, nonprofit, bipartisan association representing the commissioners, chief clerks, administrators, their equivalents in home rule counties, and solicitors of Pennsylvania's 67 counties.  The CCAP and its member counties are committed to excellence in county government.  CCAP will advocate for and provide leadership on those issues that will enhance and strengthen the ability of county commissioners to better serve their citizens and govern more effectively and efficiently.  The Association strives to educate and inform the public, administrative, legislative, and regulatory bodies, decision makers, and the media about county government.

 

 

+August 16-18, 2015

 

Texas Association of Public Employee Retirement Systems (TEXPERS) Summer Forum

Grand Hyatt and Conference Center

San Antonio, Texas

 

A small group of individuals who were members of several Texas Public employee retirement systems formed Texas Association of Public Employee Retirement Systems (TEXPERS) in 1989 as a statewide voluntary nonprofit association to provide quality education to trustees, administrators, professional service providers, and employee groups and associations engaged or interested in the management of public employee retirement systems.  TEXPERS system and associate membership has grown substantially, representing $475 billion in assets.  TEXPERS executes its educational mission by organizing two annual conferences for pension trustees to receive information about investments, fiduciary duties, governance, ethics, and legal matters.

 

+August 22-26, 2015

 

National Association of State Auditors, Comptrollers, and Treasurers (NASACT) 100th Annual Conference

Marriott Downtown Hotel and Conference Center

Chicago, Illinois

 

The National Association of State Auditors, Comptrollers and Treasurers was founded in 1915 to allow principal state officials concerned with state financial management to gather annually and discuss problems and issues of mutual interest.  Over the years, state financial management has become increasingly complex, and, in response, NASACT has grown to address new needs by offering increased levels of service, training, and networking.  NASACT is also affiliated with the Center for Governmental Financial Management (CGFM), a not-for-profit 501(c)(3) entity created to facilitate NASACT’s Mission and goals on an international level.  The association’s Washington office acts as a liaison with Congressional committees, federal agencies and other national associations on issues of interest to NASACT, while its Lexington, Kentucky’s office is the main headquarters for training and development.  Transparency and clear direction is an ongoing theme within NASCAT’s training.  NASCAT’s annual conference held each August is the association’s premiere event designed to provide maximum opportunities for state auditors, state comptrollers, and state treasurers to network with each other and hear industry leaders speak on current and emerging issues.  The State of Washington hosts this year’s conference.

 

+August 30 – September 2, 2015

 

68th Annual Fall Conference of the New England States Government Finance Officers’ Association (NESGFOA)

Sheraton Boston Hotel, Copley Plaza

Boston, Massachusetts

 

The New England Government Finance Officers Association (NESGFOA) is a regional professional association for government finance managers from the six New England States who work together to develop a closer relationship and understanding among public officials whose responsibilities and duties involve state and municipal problems; and to facilitate discussion, analysis, and solutions of such problems under the laws existing in the New England States. The fall conference is held annually, usually in September, on a six-state rotating basis and shall provide continuing education programs for public finance officials and employees.

 

            Government Finance Officer’s Association Conferences

 

+August 19-21, 2015

Alabama Government Finance Officers’ Association (GFOAA)

Hampton Inn and Conference Center

Orange Beach/Gulf Front

Orange Beach, Alabama

 

http://www.gfoaa.org

 

           +August 5-7, 2015

           Government Finance Officers of Arizona (GFOAz)

           The Westin La Paloma Resort & Spa

           Tuscon, Arizona 

           http://www.gfoaz.org

 

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Scott + Scott LLP is a nationally recognized law firm headquartered inConnecticut with offices in New York City, Ohio and California. The firm represents individual as well as institutional investors who have suffered from corporate stock fraud. Scott+Scott has participated in recovering billions of dollars and achieved precedent-setting reforms in corporate governance on behalf of its clients. In addition to being involved in complex shareholder securities and corporate governance actions, Scott+Scott also has a significant national practice in antitrust, ERISA, consumer, civil rights and human rights litigation. Through its efforts, Scott+Scott promotes corporate social responsibility.

Scott+Scott’s PT+SM System is the firm’s proprietary investment portfolio tracking service. Carefully combining the firm’s proprietary computer-based portfolio monitoring software with Scott+Scott’s hands-on approach to client  relations is a proven method for institutional investors and their trustees to successfully

  • Monitor their investment portfolios  
  • Identify losses arising from corporate fraud    
  • Consider what level of participation any given situation requires   
  • Recover funds obtained on their behalf through investor litigation action  

To obtain more information about Scott+Scott’s PT+SM services or to schedulea presentation to fund trustees, fund advisors or asset managers, please contact:    David R. Scott + Toll Free: 800.404.7770     email: drscott@scott-scott.com + UK Tel: 0808.234.1396